During the past four years the country’s oil bill has increased by US$1.28 billion, equivalent to 98%, as a consequence of the increase in the price of oil on the international market. In 2002, the DR paid US$1.297 billion for the purchase of fuel, while this year projected payments for the purchase of crude oil and its derivatives will rise to US$2.577 billion with an average reference price of US$54.7 per barrel. This amount is US$910 million higher than in 2004 when it reached US$1.667 billion. Central Bank Governor Hector Valdez Albizu stated that during the first semester of this year the country had to pay out US$1.0184 billion due to an increase in demand and the high external prices of crude. The governor was speaking at a conference organized by the Association of Commercial Banks. Valdez Albizu said that next year the purchase of oil will represent a sacrifice for the country, reaching US$2.923 billion with an estimated average price of US$60.90 per barrel of crude. At the end of 2002 the barrel of crude was sold at US$34 whereas this year it has reached over US$70.