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Caribbean & Central America - April 2005 (ISSN 1741-4458)
COSTA RICA: Oil price almost triggers state of economic emergency
Earlier this month the soaring cost of oil almost prompted the Costa Rican government to declare a state of economic emergency. Allan Flores, the environment and energy deputy minister, said that if oil reached US$60 a barrel Costa Rica would be unable to pay its annual energy bill of around US$1bn. As oil prices began to fall the government decided to hold fire on the emergency decree, but Flores's statement emphasised the country's jitters over its fuel import bill.
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