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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
Posted: 7th, May 2008 | In: Money, Twitterings Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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May 9th, 2008 at 4:32 pm
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.