The improved SURI procedure is for excise taxes on gas and diesel oils. #NewsIsMyBusiness
A long-running practice in which Puerto Rico’s public utility bought low-quality oil at high-quality prices has been mostly ignored in Gov. Ricardo Rosselló’s privatization of the Puerto Rico Electric Power Authority (PREPA), the Institute for Energy Economics and Financial Analysis claimed.
The strategy set forth by Gov. García-Padilla’s administration to try shore up liquidity for the Government Development Bank for Puerto Rico through the reliance on a recently approved oil tax hike may fall short if prices increase, or the island’s population continues to shrink, economist firm H. Calero Consulting exposed in its most recent monthly publication.
Puerto Rican oil recycling company, Olein Recovery Corp., announced Tuesday expansion plans that call for a $2 million modernization of its laboratory and production lines, which will add 50 new jobs.
With the Venezuelan economy worsening and residents of Caracas unable to buy diapers or even toilet paper due to foreign-exchange shortages, how much longer will Venezuela be able to subsidize cheap oil for its political allies throughout the Caribbean and Central America.
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