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Indonesia’s Oil Problem

OIL is shooting up faster than Pete Doherty in a jet. But:

Indonesian President Susilo Bambang Yudhoyono said yesterday that Indonesia was considering quitting OPEC because it is no longer a net oil exporter….The country is Southeast Asia’s only OPEC member. But it has to import oil because of decades of declining investment in exploration and extraction because of corruption and a weak legal system that makes oil companies wary of doing business there”. Source

Meanwhile, “Oil set a new record high of $122 a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months“. Source

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One Response to “Indonesia’s Oil Problem”

  1. 1
    val Says:

    I don”t blame anyone for not wanting to invest in Oil exploration in Indonesia!

    Now we have a Rice shortage because of floods and Asian fields concentrating more
    on Bio Fuels. The last Oil crisis in 1973 should have been a warning and yet no-one
    has thought of the most obvious way of saving oil. By now we should have an
    infrastructure where more trains and bus routes are available and a oil rationing for
    people who use their cars unnecessarily.

    We can”t stop the emerging Nations like China for using more Oil, but we MUST find an alternative soon.

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