Finance Minister Dismisses ‘Worthless’ Simpson-Miller Oil Hedge

Finance Minister, Dr. Nigel Clarke, says the oil hedges that the Portia Simpson Miller Administration purchased in 2015 was completely “worthless”.

The hedges were supposed to protect Jamaica in the event oil prices rose above USD$66 per barrel.

But up until the time they expired in December 2016, that strike price never materialized.

He says this rendered the hedges worthless.

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