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.