President Says Oil Bills Are Becoming Too High to Pay if Prices Keep Rising on International Market

Speaking on Tuesday, Dominican President Leonel Fernández warned that countries like the Dominican Republic as well as others in Latin America and the Caribbean are quickly finding it impossible to keep up with the skyrocketing prices of fuel.

Fernández warned that the volatility of oil prices is generating tensions and threatens to destabilize democratic governability not just in Latin America but in developed countries as well.

President Fernández said the crisis could provoke a situation in which these countries are unable to pay their foreign debt. In this sense, he noted that if the price of oil continues to rise at the rate is has been on the international market, the economies of Latin America and the Caribbean will fall into a downward spiral of deterioration and uncertainty, according to a press release from the President’s Office of Information, Press and Publicity.

Fernández warned that the volatility of oil prices is generating tensions and threatens to destabilize democratic governability not just in Latin America but in developed countries as well.

President Fernández recommended solidarity, cooperation and the integration of Latin America and the world as a way of confronting this emergency that is provoking irregular price spikes which seem to have no explanation based on the real economy.

“We believe that this gamblers’ capitalism, this poker game capitalism, this paper capitalism must be confronted with a show of solidarity, cooperation and integration of Latin America and the whole world,” he emphasized.

The Dominican President was inaugurating, along with Vice-President Rafael Alburquerque, the 32nd Session of the Latin American and Caribbean Economic Commission (ECLAC) meeting, being held here from June 9-13.

Fernández asserted that it was essential to find a way to strike a balance with the countries that are benefitting from the high price of oil in which these profits are used for development policies in the countries where they are most needed.

…the Head of State said the Dominican Republic will continue to push ahead with optimism in the knowledge that the crisis caused by the high oil prices will be resolved relatively soon.

Nevertheless, the Head of State said the Dominican Republic will continue to push ahead with optimism in the knowledge that the crisis caused by the high oil prices will be resolved relatively soon.

He added, though, that this cannot be done alone, “but rather recommendations must be studied to see how to alleviate the negative impact on our people and we must establish certainty and stability within the current chaotic situation that prevails today in the international financial markets in terms of oil prices.”

Dr. Fernández recognized the intellectual, scientific and financial support rendered by ECLAC throughout its 60-year history in the Dominica Republic and the rest of Latin America.

The activity, also attended by the Minister of Economy, Planning and Development, was held at the Hilton Hotel. Government officials, diplomats and representatives from ECLAC member countries were also present.

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