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FUEL COST SOLUTIONS WORLDWIDE * Indonesia - It would withdraw from OPEC
Fundamentals of supply and demand no longer apply to oil markets. According to the U.S. government, the law of supply and demand is no longer working when it comes to oil markets
Yakarta,Indonesia -Reuters/Land Line Magazine/Bloomberg/The New York Times -May 29, 2008: -- ... Most OPEC members would like to see lower prices, but there is little they can do as the market is responding to factors beyond supply and demand, a senior Gulf OPEC source told Reuters... If those fundamentals dictated the price, oil would cost around $60 to $70 a barrel, the source said... The Wall Street Journal reported that fresh information from the U.S. Department of Energy shows that the amount of oil shipped by the world’s top exporters actually fell by 2.5 percent last year. At the same time, global demand was up sharply, and the price of oil shot up nearly 60 percent... On Thursday, May 29, oil prices were falling in New York trading while the price of diesel remained at a national average of $4.74 a gallon, unchanged from Tuesday... Also on Thursday, Indonesia’s energy minister, Purnomo Yusgiantoro, was scheduled to sign a decree withdrawing his country from OPEC, according to media reports. Indonesia was the only Southeast Asian country in OPEC. The country will save about $3.1 million in annual membership fees, but that isn’t the primary reason for its withdrawal... Bloomberg reported that aging oil fields and declining production have combined with increasing demand to tip Indonesia’s oil import-export equation to the import side. The nation, a member since 1962, has been considering leaving the body for the past three years...* Philippines - VAT on oil to stay – DOF. Instead, they have decided to look for other ways to cushion the impact of rising oil prices on consumers
Manila,Philippines -The Philippine Star, by IRIS GONZALES -27 May 2008: -- Finance Secretary Margarito Teves and other economic managers have rejected a proposal to scrap the value-added tax (VAT) on oil. Instead, they have decided to look for other ways to cushion the impact of rising oil prices on consumers... The Department of Finance (DOF) estimates that VAT on oil will yield an additional P18 billion this year if the price of oil continues to hover at $100 per barrel... Economic managers want to allocate the estimated P18-billion "windfall" collected from VAT on oil this year to various sectors, Teves added... Teves said among the proposals being considered is to use the revenue to subsidize transport groups or to fund food subsidies for the poor...
Labels: fuel cost solutions
posted by Unknown @ 12:20 PM
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