The price of oil has fallen sharply around the world in the last year. That’s forced major companies like Chevron and Exxon Mobil, that were pouring millions into Liberia, to hold back and watch the global trend in the oil market.
Despite their initial investment in the country, Chevron has pulled out for now and others are no longer visible in the country with growing uncertainty among ordinary Liberians about the future of the oil sector and its economic viability.
Currently the price of crude oil stands between 46 -47 dollars per barrel down a long way from its high of $120 a barrel in 2014.
The situation is also affecting the Liberian economy on another hand because government is no longer getting exploration fees and signature bonuses from concessionaires.
The office President Ellen Johnson Sirleaf delayed the budget submission in May for nearly two weeks because the budget technicians were still in search of revenue sources to support the 2016/2017 national budget.