Higher now
Last Friday, July 7, I thought it was a record high when crude oil price hit $75.78 a barrel on Nymex West Texas Intermediate.
This Friday, July 14, it went higher to breach the US$78.00 mark. U.S. crude soared to as high as $78.40 a barrel in intraday trading. By 1022 GMT, the August contract was at $77.28, up 58 cents. Across the Atlantic, London Brent rose 55 cents at $77.24, after jumping to a record of $78.03 a barrel earlier in the session.
The culprit? They say it's all-round fears about the conflict between Israel and Hizbollah guerrillas that could escalate and spread to more Middle East countries.
More fuel price subsidy for another 6 months in Malaysia. More budgetary deficit. And then 2007...
Comments
what price before we reach "the straw that breaks the camel's back"... US100/barrel ? And to think Malaysia, with a population of ~25 million has 3 National Car companies, namely, Proton, Perodua, Naza.......
Posted by: susmaryosep![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 14, 2006 08:48 PM
If they want to save on subsidies, start putting a triple roadtax on all those a-social 4 wheel drives that take up 2 parking spaces and guzzle petrol like crazy.
Noone needs those monsters.
Posted by: Albert![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 14, 2006 09:20 PM
On the bright side, Petronas might break another earning records.
Or MAYBE less traffics problem if another increase in fuel tariff.
Posted by: moo_t![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 14, 2006 11:15 PM
Sigh....
I should have worked in the oil and gas industries....
sigh.....
Posted by: Boleh!![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 15, 2006 01:40 AM
heng ah... sold my car 3 months ago and working oversea now happily taking public transport... or else sure will face another round of fuel price hike! :p
Posted by: commoner![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 15, 2006 02:03 AM
The foreign oil companies (and maybe Petronas too) in malaysia are making tonnes of money due to oil subsidies. All they have to do is submit to the government their purchase price, which tend to be on the high side, and they will get their monies reimbursed. No downside and risk involved in trading the commodity. Even shipping rates are part of the subsidies. So, we are actually helping these businesses to increase their margins.Am I correct?
Posted by: sydput![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 15, 2006 10:28 AM
Hi jeff,
Take a look at this.
http://www.lifeaftertheoilcrash.net/
Peak Oil is a serious world wide problem.
Posted by: Chan![[TypeKey Profile Page]](http://www.jeffooi.com/nav-commenters.gif)
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July 15, 2006 12:48 PM