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[BUSINESS] · Jamaica · 2 sources

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Jamaica faced critical oil shortage in early 1980s

In the early 1980s, Jamaica faced a severe economic crisis that threatened the nation's fuel supply. Hugh Hart, the Minister of Mines and Energy, was informed by a central bank official that the country's treasury was empty, leaving the central bank unable to provide the 10 million dollar guarantee required to pay for monthly oil shipments.

Jamaica relied on importing 300,000 barrels of oil per month to supply its only refinery in Kingston. Without the necessary funds to secure these shipments, the refinery faced a shutdown, which would have halted the production of gasoline and diesel across the country. This period of instability occurred while the Jamaican economy was still recovering from the oil crises of the 1970s and significant political violence.

Entities

Hugh Hart · Jamaica · Kingston