Contributed by Bill Bardelmeier
The Republic of the Marshall Islands in the Pacific has declared a state of economic emergency as soaring fuel prices threaten to shut down electricity supplies.
Failure to resolve the fuel crisis could lead to a "disaster of unimaginable magnitude," President Litokwa Tomeing said recently.
Power utilities are facing a shortfall of up to $21 million over the next 12 months assuming the global fuel price trend continues. The shortfall represents almost 20 per cent of the total national budget.
The cabinet has decided to seek financial help from the United States, Taiwan, Japan, Australia and other countries and donor agencies to prevent a shut down of power in the country of about 54,000 people.
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