It was just July when oil prices hit $146 a barrel, adding imminent fear to the oncoming of a possible Great Depression of the 21st Century considering the ripple effects of the sub-prime crisis, which sends shockwave through Wallstreet when Bear Sterns went bust, followed by Lehman Brothers (a 158 year old Banking/Finance) bankruptcy declaration yesterday, with some speculating oil prices could even hit $200 a barrel. Well, it seems the circle of destruction doesn't have such a huge diameter after all, with high oil prices setting the barrier higher for those with lower income parity to 'enjoy' this energy source, usage dropped, index speculators begin selling them to reap in the profits they've 'harvested' since it started it's steep rise from around $80 a barrel all the way till $140; crude oil dropped below the $100 dollar mark for the first time in a few (god knows but its about time it stopped).
Tuesday, September 16, 2008
Crude oil drops below $100 a barrel
It was just July when oil prices hit $146 a barrel, adding imminent fear to the oncoming of a possible Great Depression of the 21st Century considering the ripple effects of the sub-prime crisis, which sends shockwave through Wallstreet when Bear Sterns went bust, followed by Lehman Brothers (a 158 year old Banking/Finance) bankruptcy declaration yesterday, with some speculating oil prices could even hit $200 a barrel. Well, it seems the circle of destruction doesn't have such a huge diameter after all, with high oil prices setting the barrier higher for those with lower income parity to 'enjoy' this energy source, usage dropped, index speculators begin selling them to reap in the profits they've 'harvested' since it started it's steep rise from around $80 a barrel all the way till $140; crude oil dropped below the $100 dollar mark for the first time in a few (god knows but its about time it stopped).
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2 comments:
Strange thing is, the petrol prices have not been reduced accordingly. What the hell is the Government doing ? Hoi! Tidur ka ?? Where's your price revisions, as promised ?
Gucci, be wise. Malaysia's oil price shouldn't even follow the fluctuations of the market. Take for example your grandpa left you and your family a nice Durian tree at home. Then your brother claims the tree belongs to him, and if you want Durians, you'd have to go to the market to buy Durians that were plucked from the Durian tree behind your house, and since it's in the market, it goes with market value.
Malaysia is the only OPEC country in the world that's not having a wonderful economic growth from the oil price hike, and Malaysia is the only country in OPEC with such a high selling price of petrol, and Malaysia is the only country in OPEC that all oil and gas resources in the country doesn't belong to the country, it belongs to a SENDIRIAN BERHAD, of which many might be surprised that the biggest company, one of the highest profit company in the world (Top 20) is a private limited company, of which their shareholders, accounts need not be exposed to the nation.
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