James H. Nazarian, Ph.D. wrote:
>
> I hope you are all as shocked and angered as I am to read the following:
>
> In press releases issued by the foreign embassy of Turkey, on March
> 14, 15, 2000, it was reported:
>
> * UN chief Annan issues warning on Iraqi oil industry
> * UN Secretary General recommends to the Security Council doubling
> financial aid to Iraq for spare parts and other oil production
> equipment from $600 million to $1.2 billion over a year's period
> beginning this June.
>
Well, the word we have here is that:
"Saudi Arabia and Iran, two leading members of the all-powerful oil
cartel, recently declared that OPEC would increase oil production by two
million barrels per day, from 36 to 28 millions.
Immediately following this statement, supply speculation resulted in a
drop in the oil price.
Combined with a drop in oil demand with the onset of the northern
hemisphere summer, the increase in production may see a fall of up to
$10 per barrel from the recent high of $34 per barrel.
The recent huge rise in petrol pump prices was engineered by OPEC after
crude oil prices dropped to $12 per barrel in March last year.
According to Australian petroleum industry experts, every dollar
increase in the price of crude oil flowed through as a 1c change per
litre to the price of petrol at the pump. As a result, the predicted
$10 drop in crude prices should equal a TEN CENT PER LITRE drop in
petrol prices at the bowser."
So there you go... no need to panic now - get those cars out from
mothballs and drive them like never before :-)
Eric
'68MGB MkII (that went through almost thirty litres of AVGAS on the
weekend :-)
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