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The Government is bracing for the possibility of Jamaica's oil bill exceeding the US$2 billion mark before the end of the year.
Last year the figure was US$1.7 billion.
With forecasts of crude oil prices reaching $100 a barrel by next month, Energy Minister Clive Mullings, says the outlook for Jamaica is not good.
"It seems that we will definitely be in excess of two billion US dollars for our oil bill this year and so the challenges are great and they are increasing every year because once you cross the threshold in terms of prices," said Mr. Mullings.
"There are too many tensions around the world that can have an effect on oil prices. The issue now is that in the US they are going into winter and it is going to affect the inventory and the price of oil as they require more oil. So these are aspects which hike up the price of oil for those who trade," he continued.
Last year the figure was US$1.7 billion.
With forecasts of crude oil prices reaching $100 a barrel by next month, Energy Minister Clive Mullings, says the outlook for Jamaica is not good.
"It seems that we will definitely be in excess of two billion US dollars for our oil bill this year and so the challenges are great and they are increasing every year because once you cross the threshold in terms of prices," said Mr. Mullings.
"There are too many tensions around the world that can have an effect on oil prices. The issue now is that in the US they are going into winter and it is going to affect the inventory and the price of oil as they require more oil. So these are aspects which hike up the price of oil for those who trade," he continued.