Oil prices to possibly go down from next month

[victor_rambo]

Good new for all us folks ya!

Excerpts:

1. UN chief says Saudi Arabia plans to increase oil production by 200,000 barrels a day
2. "The king believes that the current oil prices are abnormally high, and he is ready to restore prices to their appropriate levels,"
3. Saudi Arabia is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.
   

Full news: *biz.yahoo.com/ap/080615/saudi_oil.html

 

[NucleusKore]

Good news, but shortage of oil is a part of the problem, there is a shortage of refining capacity too.
For how long did we pay the Gulf War tax on petrol? Trust our government to lower prices in time.

 

[sachin_kothari]

Hope it does go down to atleast half the current price at about 65 to 70 USD.

 

[dheeraj_kumar]

Thats good news Everyone's suffering from the price hike now

 

[nvidia]

@sachin: Even if it does come down, it wont go that low..

 

[praka123]

petrol around Rs28/litre is it possible?all eyes look towards middle east

yeah.alternate technologies should show up asap!.how much money will ppl and country should pay for something basic like transportation

 

[Pathik]

Hehe. In the face of those who bought crude futures at $138.

 

[praka123]

well KSA alone cant decide the price;can they?

 

[lywyre]

The current hike of crude is in no way related to the OPEC but to the futures trading in the western market which is controlled by a few oil companies of the US. Chances are that the price shall even go even higher unless the US govt. steps in to control the futures trading. This sudden and unreasonable steep prise rise coincides with the come back of the dollar from darth lows which does sound fishy.

 

[Pathik]

Inflation here is also in some way related to futures trading. The ones for whose benefit futures were devised, dont even use them.

 

[Tiger]

BP-speed costs 59rs here if it is 50 or 45 then it is ok

 

[nvidia]

^^But that price can't remain forever... By next year, if not in a few months itself, we might see another hike in fuel prices.

 

[praka123]

Hmm...now I think India - Iiran pipeline should be made ASAP!

BTW ,I have a small query :
what is the price of Petrol per litre in your town/city here it is:
Petrol -Rs52.53(Rs1 as road cess)

*www.thehindu.com/2008/06/05/images/2008060560161001.jpg
Bicycles making a comeback

 

[Pathik]

Here it's 54.

 

[praka123]

edited to correct
anyone hear own any electrical vehicles

 

[NucleusKore]

Hehe. In the face of those who bought crude futures at $138.

Looks like they don't have much of a future now

 

[iinfi]

bet oil prices will hold at arnd $130-$135 per barrel n in a matter of months will cross the $145-$150 mark.
oil production arnd the world is declining due to depleting oil wells and further exploration has to be done off shore.
for this the world today does not have enough equipment to meet the demand. high oil prices are here to stay.

 

[mail2and]

Wait till October.

 

[naveen_reloaded]

I dont think the gov will reduce the price...they can keep this price hike as it is and save their asses next time when oil price goes higher....
Start buying hybrid...safe bet on the long run!

 

[zatang]

The current hike of crude is in no way related to the OPEC but to the futures trading in the western market which is controlled by a few oil companies of the US. Chances are that the price shall even go even higher unless the US govt. steps in to control the futures trading. This sudden and unreasonable steep prise rise coincides with the come back of the dollar from darth lows which does sound fishy.

He's right. Its nothing to do with OPEC or increasing the production. That's all baseless and that's how public is being fooled through the contemporary media.

Here's the real reason for Oil Hike

*www.rediff.com/money/2008/jun/02mrv.htm

*www.globalresearch.ca/index.php?context=va&aid=9300

*www.globalresearch.ca/index.php?context=va&aid=9381