Friday, June 20, 2008
Oil oil oil, rise rise rise!
I do not know whether you are having the problem of escalating fuel prices in your place, just in case you are living in oil producing nation that is kind enough to subsidize you. Well, I am living in a nation with some oil, but not as much as in Iraq or Middle East countries. And the people sitting on top just announced that the oil subsidy be reduced dramatically, hence we end up having to pay 40% more for fuel, and 60% more for diesel. The best part is, the announcement was made too suddenly, no warning at all...hence the condition you see in the picture below. And I am one of them stuck in the jam created by people queuing up to fill their tank. I tell you, the feeling is not good at all. You feel like being robbed, but the thing is, you have to queue up one by one...waiting to be robbed...just feels stupid!
Oil companies have been making lots of money these few years, and today I even came across this news:
"BAGHDAD - Four Western oil companies are in the final stages of negotiations this month on contracts that will return them to Iraq, 36 years after losing their oil concession to nationalization as Saddam Hussein rose to power.
Exxon Mobil, Shell, Total and BP — the original partners in the Iraq Petroleum Company — along with Chevron and a number of smaller oil companies, are in talks with Iraq’s Oil Ministry for no-bid contracts to service Iraq’s largest fields, according to ministry officials, oil company officials and an American diplomat." - link to nytimes.com
Just to stress here that oil is a lucrative business here, and the big oil companies are not going to let anything block their way of earning $$$, not until all the oilfield in this world has dried up. Don't care about pollution, don't care about the fish dying, don't care about the poor people, just make sure we make $$$!. That should be the thinking of any CEO of Shell, Exxon Mobil, etc. Well, that is what I personally think, no offense.
Let's hope that some Einstein out there can invent something better to replace fuel, so we can save this world.