Rising Oil Prices To Continue

Three oil barrels with a red up arrow on world map background. Rising oil prices.

Guam and national oil prices are projected to continue to rise.

According to Simon Sanchez, Commissioner for the Consolidated Commission on Utilities, per barrel, oil prices are about 20 dollars higher than was projected in December.

Sanchez references the Russia-Ukraine war and the tough financial sanctions imposed by President Biden. Prices are projected to go even higher after the President last week announced that US ports will no longer accept any oil or energy imports from Russia.

Sanchez stated that the CCU board meeting this week is due to address the issue and to develop strategies to help protect ratepayers.

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Ceejay Pilarca is the current news director for the Pacific News Center. He got his start in broadcast journalism as an intern for KUAM from 2013-2014 and worked briefly as a reporter for the Pacific Daily News. Before working at PNC, Ceejay was the lead tutor for nonprofit organization Bay Area Tutoring Association, where he worked with at-risk and foster youth in the Bay Area. He covers stories on legislation, health and COVID-19, the environment, and education.