Oil prices on June 28, hit record of $142.99 at 1:58 p.m., the highest since 1983 and to $142.97, the highest intraday price since 1988, owing to a weak dollar, geopolitical unrest and global equities slump.
Who is really to blame for expensive oil prices?
1) OPEC, consisting of Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela, was formed to maintain the price of oil at a level most beneficial to its membership considered as a whole, and is considered to be a cartel by some observers.
2) The reason of the oil price hike is simple. Oil is priced in US dollars; therefore oil prices are strongly linked to the condition of the US Dollar. With the decline of the dollar to record lows against the Euro, it has spurred buying across commodities, notably oil.
3) The demand for oil is highly dependent on global macroeconomic conditions, so this is also an important determinant of price. Demand is very high.
What is our option?
1) Need a solution to cure the sleeplessness and frustration of daily woes and PROBLEMS? Support the change, otherwise, the problem simply continues. The government is helping us. Believe it or not.
2) MAKE THE CHANGE! energy independence? Yes we can! Change our lifestyle, adapt to the reality of the current situation, take public transportations, share rides, eat healthy diet, earn more than you spend. We are Malaysians and.. MALAYSIA BOLEH!
ps- to protes over oil price at this time of the year is so irrelevent and useless. do not give yourself headache. BE WISE!
Tags: oil price