Virgin Islands News
PSC Approves New ‘Tourist’ Rate for Nonresidential Ferry Passengers
By James Gardner — August 16, 2013
To cover operating losses brought on by decreases in ridership and revenues, Public Service Commission board members approved Wednesday a new $1 ferry fee increase for tourists – or, as the PSC called them, “nonresidential adults.”
In January 2012, the territory’s two franchise ferry companies petitioned for a .50 cent rate increase in all passenger categories, along with a $2.25 increase for each piece of checked baggage. A hearing examiner and technical consultant were later selected by the PSC to evaluate the application and official recommendations were made Wednesday during the PSC’s monthly meeting on St. Thomas…. read mor
The U.S. Virgin Islands Are in a Catastrophic Recession
By Matthew Yglesias
Here’s something you probably didn’t know: The U.S. Virgin Islands are experiencing a catastrophic recession.
According to data released yesterday by the Commerce Department’s Bureau of Economic Analysis, real GDP on the islands declined 13.2 percent in 2012 after falling 6.6 percent in 2011. That’s terrible.
But it also seems traceable to problems at just one company, the Hovensa oil refinery—a joint venture between Hess and the Venezuelan state oil company that refines Venezuelan crude.….read more