Sri Lanka just declared every Wednesday a holiday! Should Jamaica do the same?

So, in an effort to stay ahead of a possible fuel crisis, the Government of Sri Lanka has declared every Wednesday a holiday.

The country has essentially moved to a four-day work week, shutting down parts of the public sector and introducing strict fuel rationing, all to save fuel as the war between the US, Israel and Iran continues to escalate.

Now, we’ve talked about how important the Strait of Hormuz is to global oil supply. It carries around 20% of the world’s oil.

But Iran has clamped down on the number of ships allowed to pass through, and that has sent oil prices skyrocketing.  At one point, prices climbed close to US$120 per barrel, and they’ve been seesawing ever since.

And when oil prices rise globally, every country that imports fuel feels it.  Especially small, import-dependent economies like Sri Lanka… and Jamaica.

Sri Lanka imports all of its oil, and it’s still recovering from a major economic crisis just a few years ago.  That’s why the government is taking aggressive action now, limiting fuel access, cutting work days, and trying to stretch every litre for as long as possible.

So, is it an overreaction or justified?

Well, some global experts are warning that this could become one of the biggest energy shocks in history, even worse than the 1970s oil crisis.

And to be fair, Sri Lanka isn’t the only country making adjustments.  

In Thailand, the government is urging people to swap suits for short-sleeved tees to cut down on air conditioning use.

In the Philippines, some government offices now require staff to work from home at least one day a week, and the president has banned non-essential public sector travel.

So the real question is, should Jamaica and the rest of the Caribbean be thinking the same way?

Because like Sri Lanka, we depend heavily on imported fuel.  And for the past three weeks, gas prices have risen by the maximum $4.50 allowed per week, sending gas prices up 9%.

So when global oil prices jump, it affects everything, transportation, electricity, food prices, and the cost of doing business. It’s something that could hit your pocket.

And that’s the bottom line.