Oil prices to possibly go down from next month

Good new for all us folks ya!

Excerpts:

UN chief says Saudi Arabia plans to increase oil production by 200,000 barrels a day
"The king believes that the current oil prices are abnormally high, and he is ready to restore prices to their appropriate levels,"
Saudi Arabia is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.

Full news: *biz.yahoo.com/ap/080615/saudi_oil.html

Good news, but shortage of oil is a part of the problem, there is a shortage of refining capacity too.
For how long did we pay the Gulf War tax on petrol? Trust our government to lower prices in time.

Hope it does go down to atleast half the current price at about 65 to 70 USD.

Thats good news

Everyone's suffering from the price hike now

@sachin: Even if it does come down, it wont go that low..

petrol around Rs28/litre is it possible?all eyes look towards middle east

yeah.alternate technologies should show up asap!.how much money will ppl and country should pay for something basic like transportation

Hehe. In the face of those who bought crude futures at $138.

well KSA alone cant decide the price;can they?

The current hike of crude is in no way related to the OPEC but to the futures trading in the western market which is controlled by a few oil companies of the US. Chances are that the price shall even go even higher unless the US govt. steps in to control the futures trading. This sudden and unreasonable steep prise rise coincides with the come back of the dollar from darth lows which does sound fishy.

Inflation here is also in some way related to futures trading. The ones for whose benefit futures were devised, dont even use them.

BP-speed costs 59rs here

if it is 50 or 45 then it is ok

^^But that price can't remain forever... By next year, if not in a few months itself, we might see another hike in fuel prices.

Hmm...now I think India - Iiran pipeline should be made ASAP!

BTW ,I have a small query

:
what is the price of Petrol per litre in your town/city :?:

here it is:
Petrol -Rs52.53(Rs1 as road cess)

*www.thehindu.com/2008/06/05/images/2008060560161001.jpg
Bicycles making a comeback

Here it's 54.

edited to correct

anyone hear own any electrical vehicles :lol:

Pathik said:
Hehe. In the face of those who bought crude futures at $138.

Looks like they don't have much of a future now

bet oil prices will hold at arnd $130-$135 per barrel n in a matter of months will cross the $145-$150 mark.
oil production arnd the world is declining due to depleting oil wells and further exploration has to be done off shore.
for this the world today does not have enough equipment to meet the demand. high oil prices are here to stay.

Wait till October. ;-)

I dont think the gov will reduce the price...they can keep this price hike as it is and save their asses next time when oil price goes higher....
Start buying hybrid...safe bet on the long run!

Z

lywyre said:
The current hike of crude is in no way related to the OPEC but to the futures trading in the western market which is controlled by a few oil companies of the US. Chances are that the price shall even go even higher unless the US govt. steps in to control the futures trading. This sudden and unreasonable steep prise rise coincides with the come back of the dollar from darth lows which does sound fishy.

He's right. Its nothing to do with OPEC or increasing the production. That's all baseless and that's how public is being fooled through the contemporary media.

Here's the real reason for Oil Hike

*www.rediff.com/money/2008/jun/02mrv.htm

*www.globalresearch.ca/index.php?context=va&aid=9300

*www.globalresearch.ca/index.php?context=va&aid=9381

Good, but when will the stupid govt reverse the price hike for petrol and LPG?

digitized said:
Good, but when will the stupid govt reverse the price hike for petrol and LPG?

hellooo... where r u??
another price hike is on the cards!! No sign of the global oil prices slipping to atleast $120/bbl mark. Indian Oil will become bankrupt if they don't increase prices.

knw the numbers b4 you spk.

W

zatang said:
Here's the real reason for Oil Hike

*www.rediff.com/money/2008/jun/02mrv.htm

MUST READ
thanks for sharing, zatang.

Z

W i d e S c r e e N said:
MUST READ
thanks for sharing, zatang.

WideScreen, i thank U to give ur time to read it. U see, ppl are so much indulged in mass media hypnotism that they are not aware there is a totally different world out there. Reality is much different from the common man's perception. They don't whats coming in their way.

Read this:
*www.globalresearch.ca/index.php?context=va&aid=9191

W

Don't you miss childhood, Zatang?

Those ignorant days were better than this reality.

Z

W i d e S c r e e N said:
Don't you miss childhood, Zatang?

Those ignorant days were better than this reality.

You invoked silent tears in my heart. Yes, indeed i miss the ignorant state of childhood. :cry:

At least, it was better than knowing that your days are numbered

Widescreen, i think you deleted your post about that Movie or the Mods deleted it. Anyway, i just want to say 'thank you' for opening your eyes. Yes, i have watched that movie and stuff related to it. Endgame, TS, LS2

It soothes my heart that at least i am not the only one standing alone in the dark. Brother, just a request, don't confine it to yourself. Spread this info, as far as possible. This is the least you can do for your individual responsibility towards humanity

iinfi said:
hellooo... where r u??
another price hike is on the cards!! No sign of the global oil prices slipping to atleast $120/bbl mark. Indian Oil will become bankrupt if they don't increase prices.

knw the numbers b4 you spk.

Hello, people have been posting in this thread that oil price will be decreased, so I asked about our government specific policies.

I also see no decrease in the near future. When I was in the US around 2 months back, premium gas prices were around $4 a gallon. That was March'08. In Nov'07 it was around $3 a gallon. So I think I have a little knowledge of numbers too.

W

The king believes that the current oil prices are abnormally high, and he is ready to restore prices to their appropriate levels

"Sheikhji, thodi si pi kar aaiye kya hai.."

@Zatang, I personally deleted the movie link, I thought it will take over the main topic.

I think that i's very important that this is happening now. They have done what AL Gore "has failed" to do

Yea! Thats the positive side. Now Governments all over the world would start to look for alternative resources of energy. Hope the Arctic ice holds till then !!