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Get ready for another round of fuel hike..most prob within 1 week..

Shull

By Shull,
in General Car Discussion

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Shull

Shull

Turbocharged
LONDON (AFP) - - World oil prices rebounded strongly Thursday as a fire struck a Canadian pipeline sending crude to the United States, the world's biggest consumer of energy.

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Oil futures had tumbled Wednesday on a smaller-than-expected decline in US energy reserves and ahead of next week's OPEC output meeting.

 

Approaching midday trade, New York's main contract, light sweet crude for January delivery, was up a massive 3.45 dollars at 94.07 dollars a barrel.

 

Brent North Sea crude for January surged 2.14 dollars to 91.95 dollars.

 

Enbridge Inc said late Wednesday that an explosion in the northern US state of Minnesota forced the company to shut down four pipelines.

 

Enbridge's oil pipeline system serves major refineries in Canada's Ontario province as well as the Great Lakes region of the United States, delivering about 2.2 million barrels per day.

 

"News of an explosion at the Enbridge Minnesota terminal will resurrect supply concerns," said Bank of Ireland analyst Paul Harris.

 

In Paris, the head of the International Energy Agency, Nobuo Tanaka, said the IEA was closely "monitoring" the situation but described the incident as "not substanial."

 

Nevertheless, he added, "if necessary we will use our emergency measures."

 

Oil prices had Wednesday closed down more than three dollars in New York owing to the latest data on US energy inventories.

 

The US Department of Energy (DoE) said US crude inventories had fallen by 400,000 barrels in the week to November 23. Analysts had forecast a drop of 1.0 million barrels.

 

Meanwhile stocks of distillates, which include heating fuel, shed only 100,000 barrels last week. The market forecast had been for a drop of 1.2 million.

 

Distillate stocks are being closely watched in the run-up to the northern hemisphere winter, when demand for heating fuel tends to soar.

 

The DoE added that US refinery usage jumped to 89.4 percent of capacity, up 2.4 percentage points compared with a week earlier.

 

"Crude futures were sharply lower yesterday, following the weekly US fuel inventories report," Sucden analyst Michael Davies said Thursday.

 

Oil prices are enduring great volatility since reaching almost 100 dollars a barrel last week. New York crude last week struck a record high of 99.29 dollars on concerns over tight oil supplies.

 

The market, meanwhile, is gearing up for next week's OPEC output meeting in Abu Dhabi. Saudi Oil Minister Al-Nuaimi on Wednesday insisted the world oil market was well supplied and that high prices did not properly reflect the supply-demand situation.

 

Asked whether Saudi Arabia, the world's biggest oil exporter, would push for an increase in production at next Wednesday's meeting, Nuaimi said the cartel would first need to see market data.

 

Source:http://sg.news.yahoo.com/afp/20071129/tts-...ce-c1b2fc3.html

 

just when oil prices drop below $90 per barrel..this happens

 

[bigcry][bigcry][bigcry]

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Carcraze

Carcraze

1st Gear

why are they(petrol companies in singapore) still increasing fuel prices?

 

i feel they're getting out of hand (but we can't do much [:/] ). simply increasing although there's no real need.

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Perrier

Perrier

1st Gear

To be more specific, the business model truely resembles any MNC you find in the world.

 

Top management paid with tonnes on $$ and bonus.

 

Middle management paid well in order to ensure they meet their profit objective.

 

Lower management paid badly because headcount and payscale is controlled to reduce operating cost.

 

Non-mamagement is paid peasuts (some peanuts do cost $600,000.00) but still replaced by even cheaper imports to that the Top managements and board of directors gets their fat cheque... I am feeling sick already...

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Bearbear1494

Bearbear1494

Clutched

I couldn't agree more that this country is run more akin to a business cartel rather than a republic.

 

Let's take for example COE. When it was first introduced, the reason given by the government was that this would help to curb the rising number of cars on the roads, as well as to promote car-pooling or the use of public transportation. While it may have seemed like a good idea at the time, what the government seemingly overlooked was the fact that there were (& still are) many people with outdoor-bound jobs like salesmen & contractors who require frequent use of vehicles (commercial or otherwise), and who are earning between S$1200 to S$2000 a month, to feed a family. This COE structure made owning a vehicle even more difficult than it already was for this group of people.

 

While it may be true that some families have 2 cars or more when they don't really need it, the fact is COE made business costs rise and take-home incomes lower.

 

My beef is this ; Why couldn't the government lay down a law that instead of paying COE when the car is new, make owners scrap their vehicles upon 10 years of age or pay a premium if they wish to keep them on the road? Because COE or not, the number of cars is still rising, owners are paying through their noses & taking sky-high bank loans. Not to mention the rising number of bankruptcy cases & bad debts that these financial institutions have to write off each year.

 

You can't limit the number of cars being put on the roads no matter how high the COE value is pushed. Owners will try to find ways & means to purchase them especially those who need one for their jobs, the rich will hardly bat an eyelid & continue shopping for cars. Remember when COE cost around S$50,000? Didn't stop many people from buying Toyota Corollas or Nissan Sunnys at over S$100,000, did it? It's virtually impossible to stop the rising numbers, short of limiting the import of vehicles.

 

My point is, if COE apparently isn't doing much to curb the numbers being put on the roads each year, then something else is fundamentally wrong, isn't it? Is it our public transport system? Public education? Are our citizens getting into more debts than they can handle? What exactly is it that is making people buy cars that they don't really need?

 

Is our current government looking into all these? Can something be done about it? Should COE be abolished or perhaps a revision of the current system is in order? What about other rising costs? Is inflation getting too much for the common people to handle?

 

As far as I can see, the answer for me sadly, is NO. Why bother about the lower-income group when they're going to die off sooner or later, leaving only the "elites" in Singapore? Why not just think about how we're going to keep the government coffers full? Why not just sit back & relax, talk about how great the economy is doing on national television, and just wait for the good people to re-elect us?

 

Oh, and let's not forget to have a big meeting to discuss our annual bonuses & salary increments. We are, after all, ELITES. Our aim is to make as much turnover as we possibly can, so that we can keep our jobs & make the board of directors happy. Our presentation graphs & charts must only go upwards, cos when all the lines go up, the big guns stay happy & rich. If we're lucky, we'll get a piece of the pie too.

 

Republic or business cartel? I lean towards the latter. What do you call a country where as time goes by, the rich get richer & the poor poorer? I honestly don't know.... [:/][:|]

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Nus24

Nus24

Neutral Newbie

I don't think local oil price will up again. I hope not.

The additional petrol $$$ is eating into my daily expenses and Christmas is near, many things to get. Oh please oil Drop to US$50 soon when Opec meets up next week!

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