In order to control the possible increases in the electricity rates, as a result of current financial times, the Commission of Energy and Gas Regulation (Creg) along with the Ministry of Mines issued several regulations.

The first looks to make sure the increments are produced gradually, instead of all at once, giving providers an option to defer costs for increases that go beyond two per cent a month.

The Minister of Mines, Hernan Martinez Torres, announced a freeze in gas prices during the next three months as a consequence of falling international oil prices.

With the price of a barrel of oil at US $33.87, Ecopetrol reported that its whole investment plan for 2009 could be thrown off balance, a plan valued at 6.224 million dollars.

For Senator Hugo Serrano, an expert on the matter, the problem is not just for the national oil company, but also for neighbors like Ecuador and Venezuela.

The Opep’s decision to reduce the number of barrels by 2.2 million did no good, because yesterday the price once again fell US$2.35.

Oil prices rose nearly 16% yesterday, to more than $120 a barrel, a record for a single session which continues a climb impulsed by the expiration of the October contract and the falling dollar.

The increase further widens the gap from the $90 low reached last week after the U.S. announced a bailout plan for its weakened financial sector, and improves the outlook for oil demand.  Crude oil in the United States closed with a $16,37 increase, at $120,92 per barrel.

With the Government’s plan to spend as much as $700 billion to avoid further loss on Wall Street, the US dollar will be the most affected. According to analysts, because oil is traded in dollars worldwide, oil prices increase as the dollar becomes weaker.