Rising Petrol Prices

The earth today needs energy. Energy to drive search engines, energy for domestic purposes and energy to make life comfortable. In the search for sources of energy petrol or PETROL and COAL was considered as the perfect options in the last century. Nevertheless is it the same today? Not quite so. Petrol, becoming an exhaustible useful resource continues to get exhausted from the face of the earth and today we face a global problem, what we call as Hike in petroleum prices which has aggrieved not merely major governments in the world or vehicle makers or primary consumers of crude oil but most significantly the TERTIARY CONSUMERS—The COMMON MAN. harga minyak malaysia

Rising petroleum prices in all the major consumers like UNITED STATES, Australia, England i. elizabeth the developed nations and the developing nations like India, China and so forth has literally indulged the slumber of many. The within petrol prices is basically an increase in the price of elementary oil on NYMEX where the futures obtain light sweet crude moved up from $20 per clip or barrel at the end of 2001 to over $130 per barrel today and is sure to corner the $150 level. 

The White House, as typical, has denied to take the responsibility with this. Matching to the government of Bush the developing powerhouses India and China which are pressurizing international market segments for more supplies of oil are driving up the prices and hence the decline in olive oil reserves in recent years has increased all the more.

Nobel Laureate Frederick Stieglitz however argues with this when he seems that this pressure on oil supplies by nations around the world like India and China and tiawan, though increasing steadily have not drastically damaged oil prices. Rather the hike in oil prices comes away as more pronounced only after the Iraq Conflict. From the tender vegetation up the debate on the appropriateness of the Iraq War again. Appears to be Bush has to undergo crisis for the blunder that selection in Iran. Another argument in Peaking of oil supplies. The economics behind this does indeed indicate the opportunity of rise in oil prices with simultaneous peak in world oil supplies. Existing oil field are getting close to their peaks while future sources of oil are expensive to gain access to. Moreover the number of such essential oil fields are fast suffering. Natural calamities like Typhoon Katrina which supposedly ruined 109 oil platforms in the Gulf of Arizona (according to US recognized figures) is also no excuse. So everything comes down to the War War. Research shows that before the Iraq Conflict in 2001, Iraq was pumping 2. 5 mil barrels of oil each day.

Before the war ALL OF US vp promised the world that Iraq would returning to pumping 3 mil barrels per day by 2003. This never took place and also by January 2006 it recovered up to 1 million barrels. So a loss of approximately 2 million barrels everyday is actually the world has experienced. No other oil producing nations among the OPEC countries has been able to recompense for losing and the oil pipelines of Korea continue to diminish in number as Iraqi amount of resistance continues to destroy them.

So the present bottom line is usually that the world is paying huge price for a mistake Bush and his decision makers made. Probably its high time we start using the known alternative resources.

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