Oil $200 a barrel, how about a food surcharge on the middle east?

http://news.bbc.co.uk/2/hi/business/7421778.stm


High oil prices hit global economies
Graph of light, sweet crude prices in 2008

The soaring cost of oil is causing growing strain to economies around the world, rich and poor.

With prices more than doubling in the past year to $135 a barrel, the impact is being felt acutely by consumers and businesses alike.

The risk of strikes and social unrest has become a reality in many countries as fuel becomes unaffordable for more people.

BBC reporters around the world examine the effects of the oil prices on their regions.

BRAZIL
NIGERIA
CALIFORNIA

CHINA
BELGIUM

THE GULF
INDIA


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We have a fuel surcharge on flying these days in some cases it can be as much as $200 or more, how about a food surcharge, that is for transporting food to the middle east to get the price of oil down, as the entire middle east relies on imports of foreign food, it seems to me it is the quickest way to get the arabs to dance to our tune for a change on fuel prices.

They have opec, its about time countries outside of opec formed a new alliance which can dictate the price of food sold to the middle east, i am sure if this system was used the price of a barrel would tumble to under a $100 in days.

 

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You got it all wrong sweetheart, its America who manipulates oil prices , the higher the prices go the more money the US oil corporations make !

If you want lower oil prices pray that Al Qaeda and the Taleban win the war on Terror and HAMAS vanquishes Israel .

 

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If you want no oil prices, invest in alternative fuels.

 

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It's because of speculators.

 

Here in the UK oil company profits are soaring. With value added tax at 17.5%, the givernment is raking it in also. My understanding is that speculators are driving prices ever higher.

Can anyone tell me what contribution to society is made by speculators ?

 

Nothing there just parasites, they cost the uk government billions in one day of speculating with the pound during britains time of joining the ERM.

What gets me is the stupid uk government is even supposed to be raising vat on fuel again, how out of touch can you get with reality.

 

The arabs the saudi's have point blank refused the americans about pumping more oil, we are all sitting on water & food reserves, while the arabs sit on oil reserves, yet we let them dictate to us the oil price, i am all for slapping 300% surcharges on water & food exported to the middle east, then see how long before opec is on its knees begging us to lower our prices, you cant eat fucking oil.

 

They refused because they don't ave extra capacity left. Also why would they sell more for less?? Oil production is hitting a plateau, the peak oil thingy you know...
How would you feel if they would dictate the foodprice here???

 

Its Americas fault that oil prices are rising , the higher the price the more profit US oil corporations make and the more revenue the US government makes thereby funding the war on terror .

 

The Third World spends 80% of its income on food due to subsidies given to rich farmers; when Americans are spending 80% of their income on gas, a food surcharge might be a good idea. Cos, you know, they can just pull the oil and give it to someone who won't charge them for food.

 

Canada has lots of oil, Canada has lots of food = I don't give a shit.

 

So whats the gas prices like in Canada? In $US?

 

Something like $1.07 a liter or so(canada/us are par). I don't give a shit if it's $2 a liter, I drive to work, that's it(in a gas guzzling old jeep). I lose my job, I don't have to drive.

I don't buy a lot of garbage people like to buy nowdays. I will buy a new computer now and then...probably wouldn't if I wasn't in the field. I don't have a cell phone, I don't buy things really unless something broke(my old jeep is actually Shorty's old jeep(95) - it still works great!). People are buying new furniture every year in our town. It is rediculous, I could probably live off Toronto's throwaways and still be regarded as rich beyond measure in the 3rd world. Things could get a whole lot worse before I give a shit. I just can't see a lack of food being a problem for us in Canada...we have such a surplus, it's hard to find international buyers sometimes for grain and other things.

I guess i'm not a very good "consumer", so i don't care.

 

We do eat oil. Fertilizer is made from natural gas, and very little in the US is grown without it.

 

I really do not think this has ANYTHING at all to do with KSA. It has to do with oil speculators predicting that oil will go even higher - and guess what, if everyone thinks it will then it does. It's that simple.

Are antique coins really worth millions? Is a single painting worth 30 million? Is oil worth $200/barrel? It is if you think it is.

 

Well Bush is signing on a permanent military base in Iraq, so that oil is secured as a petrodollar currency now.

 

Where do yall think the price of oil would be IF there was no price-fixing cartel called OPEC.

That is...if all oil producing nations were in competition instead of co-operation???

 

http://news.yahoo.com/s/nm/20080520/pl_nm/congress_opec_dc

WASHINGTON (Reuters) - The House of Representatives overwhelmingly approved legislation on Tuesday allowing the Justice Department to sue OPEC members for limiting oil supplies and working together to set crude prices, but the White House threatened to veto the measure.


The bill would subject OPEC oil producers, including Saudi Arabia, Iran and Venezuela, to the same antitrust laws that U.S. companies must follow.

The measure passed in a 324-84 vote, a big enough margin to override a presidential veto.

The legislation also creates a Justice Department task force to aggressively investigate gasoline price gouging and energy market manipulation.

"This bill guarantees that oil prices will reflect supply and demand economic rules, instead of wildly speculative and perhaps illegal activities," said Democratic Rep. Steve Kagen of Wisconsin, who sponsored the legislation.

The lawmaker said Americans "are at the mercy" of OPEC for how much they pay for gasoline, which this week hit a record average of $3.79 a gallon.

The White House opposes the bill, saying that targeting OPEC investment in the United States as a source for damage awards "would likely spur retaliatory action against American interests in those countries and lead to a reduction in oil available to U.S. refiners."

The administration said less oil going to refineries would limit available gasoline supplies and raise fuel prices.

Foreign investment in U.S. oil infrastructure has declined in the last decade. But the state-owned oil companies of several OPEC nations are owners of U.S. refineries, and those investments could be affected if the legislation becomes law, said Arlington, Virginia-based FBR Capital Markets Corp.

The bill also requires the Government Accountability Office to carryout a study on the effects of prior oil company mergers on energy prices.

The Senate would still have to approve the House measure.

The Senate previously approved similar legislation as part of a broad energy bill. However, the OPEC-suing provision was removed after White House opposition in order to get the underlying energy legislation signed into law.

 

Ahahaha, the same guys who subsidise their fat arses into obesity and the Third world into starvation are telling other people how they should do business?

:roflmao:

 

I have to agree with Sam on this one. That bill is ridiculous. They can't take them to court(WTO?) do they even have an official trade agreement with OPEC?