Graph Courtesy of Fuel Focus Natural Resources Canada
Oil has become a major commodity in the world market today. It finally breach to US $135 per barrel on crude oil. In fact, we are really suffering from a chronic pain of disbelief as inflation reach its all time high of 6.2% last April of this year. Bangko Sentral ng Pilipinas is geared in cutting down the interest rates in order to lessen the inflation increase of all commodities.
What is happening around the world, people of all walks of life are affected with this. Protests in Indonesia have erupted when the Indonesian government have cut its subsidies on oil products, Egyptians in Cairo and other cities have decided to leave their cars and depend on public transportation system available. Meanwhile, Spanish fishermen leave their fishing boats for protest against the increasing crude oil price. This is what is happening worldwide when I turned on the TV watching CNN's Fueling Change segment a few hours ago. Americans living in major U.S. cities decided to scrap their gas guzzling SUV for a smaller yet less gas consuming compact cars.
Reading the a broadsheet the other week, President Bush met with Saudi King Abdullah in order to increase the oil production but Mr. Bush's appeal was turned down by the Saudis because they are maximizing it already (see article). The demand is too high so the prices are soaring already.
The other day, I was watching the Correspondents on ABS-CBN late night, seeing the alternative fuel of some priest inventor was scrapped because limited support was given by our national government on this people. Alternative fuel is the solution here and so does becoming eco-friendly fuel products must be propagated.
Right now, I am no longer using my car often. Everything is already planned out before going out in using an automobile. I turned again to the public utility vehicles as my mode of transport. With the soaring fuel cost of P 50.00 or more per liter who would not think again about this. I wouldn't like to see myself waste my money on fuel that is no longer affordable having felt the pinch already.
I've been amused with this article from CNN Money (cnnmoney.com) on the 6 gas saving myths I have read on their weblink through yahoo the other week. You may click this link - six gas saving myths on CNN Money.
Also I have added links on history of oil discovery and dependence from Kipnotes.com which is definitely interesting and for additional knowledge for everyone.
Copyright 2008-2009 - PinoyMoneyVantage