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Global oil costs could hit Guam hard

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Local gas prices are on the rise, up ten cents – and a continued surge in global oil costs could have a big negative impact on our economy.

That was one of the key issues raised by Bank of Guam chief economist Joe Bradley during a wide ranging presentation before the Rotary Club Wednesday. Bradley says the price of a barrel of crude oil has soared from $45 a barrel six months ago, to $75 a barrel today.

He says that translates into price increases at the pumps, and a whole lot more, saying, "The fuel surcharge from guam power authority is gonna go up, a lot of other things are going to happen that affect our economy a lot, and airfare is gonna go up too because fuel is a big part of the cost of flying an airplane. and we need to be prepared because I can guarantee you unless these prices come back down and come back down fairly quickly, our economy is going to be disrupted as it has been several times before with skyrocketing oil prices."

On another topic, Bradley says the continuing non-approvals by U.S. CIS of foreign worker visas for private sector projects is also holding back the economy. He says a number of potential developments have been lost because of the shortage in construction manpower.

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