Page 12 - aruba-today-20220922

A12 BUSINESS
Thursday 22 sepTember 2022

U.S. gas prices tick up, ending 99-day

streak of lower costs

By DAVID KOENIG and MI-
CHELLE CHAPMAN
AP Business Writers
A 99-day run of falling gas-
oline prices a streak that
gave consumers a glimmer
of hope that red-hot infla-
tion might be cooling has
ended, with pump prices
still much higher than a
year ago.
The nationwide average
price for a gallon ticked up
less than a penny Wednes-
day, to $3.68 a gallon, ac-
cording to AAA. That’s Jennifer Quinn fills her SUV at a gas station Monday, March 7,
down from the record $5.02 2022, in Needham, Mass.
average in mid-June. Associated Press
The question now is wheth- U.S. benchmark and the refineries along the Gulf
er Wednesday’s increase is international Brent have Coast make predictions
just a blip or the precursor been slumping since mid- uncertain.
to the return of higher pric- June on growing fears of “I suspect that we will see
es. The answer matters to a global recession that choppy prices for gaso-
motorists and to President would reduce demand for line through year end, with
Joe Biden, who has taken energy. some down days and up
credit for driving prices Many energy analysts be- days,” said Tom Kloza of the
lower by releasing millions lieve that prices are more Oil Price Information Ser-
of barrels of oil from the na- likely to rise than fall in the vice. He predicted that the
tion’s reserves. next few months. Howev- next streak will be a run of
The 14-week decline in er, changes in sentiment price increases early next
prices was the longest about the economy, Rus- year, driven by investors,
streak since 2015. sia’s war against Ukraine, speculators and “the fear
Gasoline prices mostly re- and even hurricane season that there won’t be enough

flect trends in global oil always a threat to disrupt fuel to go around.”q
prices, and crude both the

Long a haven for wealth, Dubai will

enforce UK court rulings

By MALAK HARB for the world’s wealthy. ey,” said Hassan Elhais, le-
Associated Press The decision, which affects gal consultant at Alrowad
DUBAI, United Arab Emir- all noncriminal civil, finan- Advocates.
ates (AP) — The United cial and marital cases, is “If a person was sentenced
Arab Emirates has called already in effect and does in a civil case in the UK and
on its courts to begin en- not need to be drafted into they fled to the UAE, they
forcing the judgements law. “After the new deci- were previously able to
of British courts, in a move sion … the UAE will not be a keep their money without
that could affect the city of safe haven for anyone try- it being confiscated, their
Dubai’s status as a haven ing to smuggle their mon- money was protected,” he
added. The UAE had previ-
ously not enforced British
rulings due to what it called
a lack of reciprocity, as the
UK courts were reluctant to
enforce UAE-issued judge-
ments. Earlier this month,
the Ministry of Justice an-
nounced the principles of
reciprocity had been met
after British courts enforced
a “bounced cheque”
judgement of the Dubai
Court of Cassation in the
The sun reflects on skyscrapers in Dubai, United Arab Emirates, UK in the Lenkor Energy
Feb. 27, 2021. Trading DMCC v Puri (2020)
Associated Press
EWHC 75 (QB) case.q