According to the Organization of Petroleum Exporting Countries (OPEC), there is “no physical shortage” of oil. So, what is happening then? As in the case of major oil price volatilities this century, excessive speculation in the oil derivatives markets is pushing up prices, not the disruptions in oil’s actual or physical trading.
By MARYA SALAMAT
“While drivers are being forced to grapple with reduced income and the people with higher fares and costs of goods, the government and the oil companies are swimming in profits and VAT windfall.”
Sidebar: Coalition against oil price increases invites public to join noise barrage on March 30
In the age of globalization, nationalization is seen as anathema to “development.” However, the current spate of oil price hikes warrants a re-examination of the concept of nationalization of the downstream oil industry to ensure affordability and accessibility of a very important product. By DANILO ARAÑA ARAO Bulatlat.com The spate of oil price hikes can…