Jamaica has entered the exploration phase for oil as United Oil and Gas begins assessing whether the island has commercial reserves. Still, economist Joseph Cox is warning against expecting immediate benefits.

Cox said the work underway is exploratory, and while the move could offer long-term economic rewards, risks must be weighed, including environmental threats such as oil spills. He pointed to Guyana as an example of how oil wealth can be managed, urging Jamaica to negotiate contracts carefully. Cox also cautioned that even if oil is found, benefits could take years, and building hype now could undermine economic stability.

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