Posted by: Pradeep | July 2, 2008

Rise of oil and fall of economies

Crude is having unabated rise and in probability speculators would not leave any chance to grab headlines by achieving USD 170/bl in near future and USD 200/bl by year end. Nonetheless OPEC is one of the biggest contributors to present oil rise by bringing in speculators in the game.

As crude is rising, import bills are going out of roof for most countries (including OPEC due to food bills). It is noteworthy that eventually human race needs food and not oil to survive. The rise of oil is making countries poorer and inflation is making living conditions very difficult even in oil rich countries.

If we want to leave something for next generation then it is must that this greed stops now and we can make it happen. Can’t we decide to drive 10% miles less in a week or use alternative means of transport for 20% miles in a week? We should decide to use airconditioning at 24-26 degC instead of 20 degC and having blankets and so on.

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