I am from Panama, i would like to know why is it that oil prices havent affected my countrys economic growth?

Question

I would like to add that oil prices in Panama are around 4.27 a gallon and that is to say the cheapest, while in the interior provinces of the country it can easily reach the 5.00 dollar mark sometimes. Right now panama has had one of its best economic growths ever per year, i am talking around 4 to 8% which is historic for my country and one of the highest in the region, i would like to know why is it that regardless of the growth how can a 3 million people country withstand these oil prices and keep on growing?

Answer 1

Hi, Aromko, compatriot, we can talk about speculation of the  oil companies.

  Since 2004, gas prices have risen. According to the information manager of Energy, the price of regular unleaded gasoline has risen from 32 cents, or 17.4 percent. So from January 17, 2005, just before the start of the second President Bush gov. the average price of gasoline was $ 1.84 per gallon.   In  May 16, 2005, the average price of gasoline rose to $ 2.16 per gallon. [Administration of Energy report, "www.eia.doe.gov]

In May 2008, prices as OPEC (oil companies from Arab, African, asia and Venezuela): $ 116.93. WTI (Businesses and Texans Oil Companies, from United States): $ 125.82 and BRENT (operators, processors, marketers and distributors Europe): $ 124.44

The price of a barrel of oil was around $ 145.00 in June and July.

We must not be smart  to realise that there are hands of  the American  oil companies, speculative par excellence (buy quantities of oil in spot markets, and become intermediary from  intermediaries) because it is economically desirable That way, which is why they tend to keep the price of the barrel as high as possible, according WTI (formed by Chevron, Texaco, etc.). Equally them are selling petrol, in the particular case of Panama, these companies sell refined oil to the country, into these markets of speculation,

Speculation is the name of the game and a lot of people benefiting from the huge profits they generate, Bush's friends are in that privileged group. On the one hand and on the other so-called successful businessmen and politicians whose greed shift shows that do not care about lowering the cost of living of the Panamanian. They are a cancer that must be eradicated.

Answer 2

idk but it's hitting the United States pretty hard everybody's hurting except the rich oil company owning b******s that get billions of dollars a year.

p.s. it also depends on whether your country can get it's own oil.

Answer 3

Your goverment is'nt as greety as ours