Bugbear
Guyanese have read and heard about oil discoveries and production that have taken place in various parts of the world. They have also heard about the behaviour of the markets and only know too well about the impact of oil prices on their competitive abilities, consumption and living standards. For many Guyanese, oil has been a bugbear for nearly 44 years and its easy availability has been a thing on their minds for just as long. There have been articles in the newspapers about fuel shortages and fuel smuggling. Fuel and lubricants account for nearly one-third of the import bill of the country and a sizable chunk of the revenues generated from the export of other products.
