Petrol prices rising in Guam
Updated
A Guam businessman says oil prices on the world market may pass $US150 a barrel and Guam residents may be paying $5 a gallon at the pump in five months.
President of the International Group, Peter Sgro, says unless Guam starts working on the development of an alternative energy source, local residents will suffer the impact from uncontrollable surge of oil prices.
Oil has hit more than $130 dollars a barrel following unexpected drops in US crude and gasoline stocks in a tight market.
Mr Sgro says the main reasons are supply and demand along with the falling US dollar.
The Marianas Variety quotes him as saying the military build up on Guam will contribute to the inflationary consequence of an oil price hike.
