NewsWhore
04-19-2006, 03:10 PM
Yesterday the price of crude oil hit US$71.35 on the New York and Texas stock markets, due to nervousness about the situation in Iran and warmer weather in the United States. This new, higher price will cost the Dominican Republic over US$300 million, according to Finance Minister Vicente Bengoa. However, Bengoa said that due to the current stability of the exchange rate the situation is manageable. On the other hand, Francisco Vilalta, the head of the Herrera Industrial Association, told reporters from El Caribe that production costs would increase and therefore costs would go up, but the same will be true for all of Latin America. Electricity superintendent Francisco Mendez reassured consumers that their electricity bill would not go up, as the government will continue its subsidy program. Mendez said that part of the US$26 million saved on the renegotiated debt with Union Fenosa would be applied to the increased subsidy. Mendez pointed out that the IMF had agreed to this arrangement during the latest review process.
Link To Original Article (http://www.dr1.com/index.html#8)
Link To Original Article (http://www.dr1.com/index.html#8)