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UPDATE 1-G8 energy ministers look inward on oil, spare OPEC

by Mikasi | June 8, 2008 at 05:30 am | 196 views | 1 comment

I don't have time to write about this properly, having to go to work and all. Hell, I cannot even afford (time-wise) to post more than one clip from the story before my shower.
Suffice it to say this story is worth a look.
And only one side note here. Talked with one local financial counselor about why oil has risen so much. The story here says it's because of inflationary pressures and that oil is a lucrative place to put money now and that the OPEC and peak oil have nothing to do with the rise.
The adviser I talked to said the real reason for the rise is a legion of Chinese and Indian consumers coming on line to buy cars and use oil-products.
Damn those free market forces for using all "our" oil!

AOMORI, Japan, June 8 (Reuters) - Group of Eight energyministers looked inward for solutions to record oil prices onSunday, touting the need for domestic efficiency rather thanpiling pressure on a resistant OPEC to pump more crude.

Oil prices posted their biggest ever one-day surge onFriday, leaping more than $10 to a record high above $139 abarrel CLc1.

Soaring oil costs dampen global economic growth, worseninflationary pressure and raise the risk of more protests byfishermen, truck drivers and others whose livelihoods are underthreat.

Caught between mounting popular discontent at home and theneed to invest billions in greener energy to cut world carbonemissions, the G8 ministers offered few new ideas for heads ofstate to consider at their summit next month.

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jordan

at 06:24 on June 8th, 2008

"Because they can", is my theory: petrol has always been relatively expensive outside North America... meanwhile we have developed our infrastructure to rely on cars- I can only think of a few cities on the continent with public transport that's viable for those outside the city center. It was really only a matter of time before oil execs figured out that they could charge what they like for fuel up to the point where people can't afford to drive their own cars or buy stuff/use services that are shipping-dependent: just keep the price just below that point. I'm only surprised it took this long for the penny to drop.