It is quite unfortunate that the crude oil prices have shot through the roof. 100% jump in one year. This has created a whole lot of turmoil throughout the world, of course except the middle east. Is it fair that we allow all the wealth generated by the rest of the world pass on to the middle east? How long this should continue? the poor are becoming more poorer. The rich in the other part of the world also are becoming poorer. Now waht is the reason? What is the solution?
The oil consumption is almost study or may be roughly 5 % increase last year. But the cartel of Opec is so greedy that they just want to bleed the whole world. They made the corn, sugar production turned to ethanol thus creating a shortage of food. Pure speculation and the opec cartel is forcing this greedy spiralling rise in prices.
Well, the solution? The UN or the developed world must take the lead and fixup the oil price at 60 $ per barrell, that is the price in May 2007. Any goods including food, imported into middle east oil exporting countries should be charged a compensating duty of 100% (if the crude remains at $120). This can be implemented by war ships stationed at the gulf. The middle east countries in effect should pay the other country this extra charges. as an example, if India exports rice, it should get 100% extra as a form of duty from the middle east country. So with any other country exporting to middle east. Only then they will know how it feels to pay through the nose.
It is unfortunate that the world leaders are all sleeping.
Well, i would like to hear from you all any other suggestion.
Best wishes and hope for better times.
