It is speculations in the oil market which is pushing the price. On NYMEX oil barrels traded on paper is 3 times daily than num of physical barrels consumed daily worldwide. So it pushes the price up.
RE:Oil Price pushed by speculators
by Calspadeaspade on Jul 10, 2008 05:21 PM
There is another factor. The Iraq war for which Bush printed money. So high inflation.
RE:Oil Price pushed by speculators
by Sathish N on Jul 10, 2008 01:42 PM
Stock market bubble.. Then credit boost... Then Real estate hype.. and now oil & commodities speculation. These financial bodies need to keep doing something to swindle money from the common man.
In a poor zoo of India, a lion was frustrated as he was offered not more than 1 kg meat a day.
One day the lion thought its prayers were answered when a US Zoo Manager visited the zoo and requested the zoo management to shift the lion to a US zoo.The lion was pleased and started thinking of a central A/C environment, a goat or two every day and a US Green Card.
On it's first day after arrival, the lion was offered a big bag, sealed very nicely, for breakfast. It opened the bag quickly but was shocked to see that it contained only a few bananas.
Controlling its anger, the lion thought that may be they cared too much for him as they were worried about his stomach as he had recently shifted from India. The next day the same thing happened. On the third day again the same food bag of bananas was delivered.
Now the lion was furious. It stopped the delivery boy and blasted him,"Don't you know, I am the lion...King of the Jungle....What' s wrong with your management? What nonsense is this? Why are you delivering bananas to me ?"
The delivery boy politely said, "Sir, I know you are the King of the Jungle but.... do you know that you have been brought here on a monkey's visa!!!
Moral : Better to be a Lion in India than a Monkey elsewhere .....
RE:Better to be a Lion in India than a Monkey elsewhere
by Das on Jul 10, 2008 02:10 PM
Good Write Up. This NRI's are living in US like a Dog and end of the day they are Coming to India for Settling down. Becos of this NRI people we Being in INDIA forgetting the dream of having a house. Simply they are Investing their money in Indian Real Estate Sector and price are Booming.
RE:Better to be a Lion in India than a Monkey elsewhere
by karthik on Jul 10, 2008 01:42 PM
The people in india and in other countries are also suffering from high fuel price. And by the way a person who lives like a lion in india will never go to the US or any other country for a better living.
RE:RE:Better to be a Lion in India than a Monkey elsewhere
by Rajagopal Dhulipala on Jul 10, 2008 01:52 PM
Great story!. Rising fuel prices and fiid prices is a global problem.Why does rediff want to show symapthy to people who own Honday city and Toyota. It is America's fault that they never thought about public transport.
RE:Better to be a Lion in India than a Monkey elsewhere
by Sathish N on Jul 10, 2008 01:37 PM
Nice one. I know folks who would declare that if there is a war between India and US, they will fight for US since US gave them the lifestyle. I would be OK if they said they will not take either side. Now these will start talking great about India.
I live in UK and is paying around $9.4 per gallon (ie ?1.32/litre) for petrol. I was in LA couple of weeks ago and was delighted to find petrol cheap at $4.44 per gallon. It was also amazing to see the huge cars and SUVs that Americans drive. The economy car (smallest band) I rented was a 6 seater; the size of a decent family car in UK. Almost no one drives a diesel car which gives more mileage. Not all forecourts sell diesel. Their habits have revolved around cheap fuel and I must say that a lot is being wasted. My co-passenger who was an American talked about how much people in his tiny tiny village are cribbing about high fuel prices, when all they have to do is walk a few blocks for their daily milk and post office run instead of getting on their SUVs. I may draw some flake from my American cousins; but I suppose the good times are over all across the globe and time has come to adapt.
RE:Gas is cheap in US !!!
by karthik on Jul 10, 2008 01:46 PM
Americans waste stuff the most, be it fuel,food or energy. They are gobbling up the worlds resources. They have 5%of thE worlds population but consume 14% of worlds resources and produce 17% of the worlds garbage and pollution according to WTO.
Hey! Don't worry. Alternative fuels, hybrid cars, etc. are coming. Petrol will slowly become irrelevant, at least for transportation. So, cheer up and adopt a positive attitude.
Are you CRYING over $4 a GALLON??? Get a life! I would say Lucky You guys!!! Wish I could pay JUST $4 a gallon! Here in UK we pay almost $12 for a gallon!!! Of course it pinches but like others said, accept it and move on! Don’t tell me your “retirement plans” are in disarray because of THAT! Are you seriously trying to say that you had calculated the fuel prices for the next say 20 yrs when you started planning for your retirement? If so, then you are God of financial planning. Try living in UK where the salaries are about half of what they are in US and things cost 3 times what they are in US. What on earth will you guys do if you had to pay $10 just for a cup of coffee and a sandwich for LUNCH from your corner shop??? You want to go for a movie in Central London? A single ticket will set you back nearly $35!!!! Yes, THIRTY FIVE DOLLARS for a SINGLE ticket! (And you can close your mouth now!) I doubt any of you can even imagine that is US! It pinches like hell but we don’t complain because that is how it is. Like one reader said, “Do in Rome as Roman’s do!”. If you don’t like it, then nobody is holding a gun to your hear asking you to stay there!
RE:JUST $4 a gallon???
by Krishnier Natarajan on Jul 10, 2008 01:28 PM
Hey, Sandeep: If things are so expensive, what the hell are you doing in UK? Situation is much better in India. Just pack up and get back home, without having to sqander $ 10 for coffee.
RE:JUST $4 a gallon???
by Sandeep Singh on Jul 10, 2008 02:31 PM
I never said i was complaining! Like i said, accept it and live with it - do in rome as roman's do! I am enjoying and having the time of my life! I am loving it here! Will come back soon though!
I live overseas too and in my last job, petrol was paid by employer. Now I pay for it and actually petrol per day costs me 3$ but parking is 17$ if I enter before 9 AM and 29$!! after 9 AM for an 8 hour trip.
In fact my food costs have gone up more than the petrol costs.
RE:Only Indian americans are suffering? Chinese American and Korean Americans are OK?
by Sathish N on Jul 10, 2008 01:39 PM
Increase in Petrol price is one reason for all prices (including Food costs) to go up.
Does the author meant to say rise in fuel prices is only hurting Indian Americans? It's hurting everyone around the world. Also, why does the author keep on converting dollar to ruppees? It's pure demand and supply. People have already started cutting down on driving and making use of public transport. Once demand decreases, supply will increase and stabilize the price.
