Apocalyse Now: Regime of High Oil and Food Prices

**tidus1203** · June 13th, 2008 03:08 PM

No don't worry the US won't become Zimbabwe. The US will just become what UK is today. Still influential but just a shadow of its past glory...

**uls** · June 13th, 2008 03:44 PM

hahaha Zimbabwe, my favorite country... Not!

more than 100,000% inflation rate!

**tidus1203** · June 13th, 2008 03:48 PM

You better just use your ZM$10,000 to wipe your butt cause tissue paper costs more than that

**jpdm** · June 15th, 2008 10:57 AM

Ready for a 60 pesos per liter of gas next friday...

....and 50 pesos for diesel....Diyos ko po!!!

....nasaan na yung battery powered bicycle ng Innovatronixs.....

**jpdm** · June 20th, 2008 08:31 AM

Good news naman....

Manila Times
June 20, 2008
by Euan Paolo C. Anonuevo

US Firm set to Infuse capital
in RP's natural gas program

Callandra Liquefied CNG Fuels Corp., an alternative fuels company based in the United States, is set to provide much-needed capital to jumpstart the Philippines’ compressed natural gas (CNG) program for vehicles sector.
The company is lining up an initial investment of $110 million for CNG refueling stations and a processing plant in Metro Manila within the next five to seven years, Randall Antonio, chief executive officer, said.
Callandra, a unit of multinational firm Callandra Alternative Fuels & Energy, is the first company to be accredited by the Department of Energy for the Natural Gas Program for Public Transport, which aims to develop the use of natural gas for vehicle use in light of the soaring price of crude in the world market.
The company utilizes LCNG technology to produce automotive grade CNG fuel. LCNG is derived from the compression of gas in liquid form, which allows it to be more economically viable to produce in areas beyond the physical gas supply areas.
The Callandra official said the company will put up six fueling districts strategically located across Metro Manila to serve 5,000 buses a day.
“The target date for commercial operations of our first fueling district coupled with our processing plant is early 2010, and we are working hard to achieve it,” Antonio said.
With the country reeling from expensive oil imports that account for most of its fuel supply, the development of CNG for vehicles is expected to benefit the public and the environment alike as it is relatively cleaner and cheaper than its regular fuel counterparts.
Antonio earlier said that Callandra is eyeing to tap the Malampaya gas field for its proposed facilities’ CNG supply. The field is operated by a consortium led by oil firm Shell, which also operates its own CNG refilling stations.

**jpdm** · June 20th, 2008 08:35 AM

Good news uli

Philippine Daily Inquirer

Oil falls nearly $5 as China hikes fuel prices

Reuters
First Posted 04:32:00 06/20/2008

NEW YORK — Oil plunged nearly $5 on Thursday after China announced it will raise domestic fuel prices, a move likely to curb demand in the world's second-largest consumer.
US crude settled down $4.75 at $131.93 a barrel, while London's Brent crude dropped $4.44 to end at $132.00 a barrel.
China announced a surprise increase of about 18 percent in retail gasoline and diesel prices, effective Friday, state media said, the first rise in Chinese fuel prices in eight months.
Soaring energy use in China has been one of the pillars of the six-year oil rally that has sent prices up nearly seven-fold to a record of almost $140 a barrel earlier this month.
High fuel prices have already shown signs of denting demand in consumers such as the United States and Britain, while emerging economies such as India have cut subsidies.
"This is very significant, a watershed move, which suggests the Chinese government is prepared to risk unpopularity to curb the growth in domestic fuel demand," said John Kemp, an economist at RBS Sempra. "We've already seen other Asian economies cut subsidies and he big one to hold out, until now, was China."
The move came just days before an emergency meeting on Sunday in Saudi Arabia between consumers and producers to discuss rising oil prices.
Saudi Arabia, the world's top exporter, is hiking output to help bring down prices, which have jumped nearly 40 percent this year and caused protests around the globe.
Americans cut down on the number of miles they drove for the sixth straight month in April, resulting in the biggest six-month decline since the oil shock of the 1979-80 Iranian revolution.
Earlier, crude rallied to above $137 after militants in speedboats attacked Royal Dutch Shell's 220,000-barrel-per-day Bongas field in Nigeria. The rebel Movement for the Emancipation of the Niger Delta also said it might carry out further attacks on oil facilities.
OPEC member Nigeria is already producing about 20 percent below its potential due to sabotage by militants in the southern Niger Delta oil hub.
Goldman Sachs raised its oil price forecast further on expectations of continued supply tightness, predicting Brent oil would average $117 a barrel this year, up from its previous estimate of $108. The bank forecast crude prices will average $140 next year.

Copyright 2008 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

**jpdm** · June 22nd, 2008 06:53 AM

Aside from Flying V, Seaoil and Eastern Petroleum, Big Three members petron and Shell after a year of hibernation are now selling in big quantities the cheaper environmental-friendly E10....

A welcome relief..with diesel hitting now at 50 pesos and gasoline at 59 pesos.

**jpdm** · June 22nd, 2008 08:21 AM

Philippine Daily Inquirer
Speculators under fire on eve of Jeddah oil meet

Agence France-Presse
First Posted 05:20:00 06/22/2008

JEDDAH--Key oil powers and consumer nations argued on Saturday about whether speculators were to blame for soaring crude prices, on the eve of a crucial meeting on the global energy crisis.
Host Saudi Arabia called the high-profile Jeddah Energy Meeting after crude prices more than doubled over the past twelve months to nearly hit $140 this week, stoking inflation and hurting the global economy.

OPEC producers have consistently argued that speculation and the weak dollar were largely responsible record-breaking prices, while Western consuming nations, led by the United States, contend that more output is needed.The working document, meanwhile, says index funds and other investors have "unrealistic assessments" of the future value of oil.

The senior official added that the attack may be toned down in the final document because of opposition from the United States and other major industrial powers.
German Economy Minister Michael Glos has called for a quick increase in oil supplies.

"We need more oil in the world market quickly in order to stop the spiralling prices at the gas pumps" which have passed a "limit" which consumers cannot bear, the minister wrote in an article to appear in the Sunday newspaper Bild am Sonntag.

"Transparency in the international oil markets must be improved. It is the only way to get out of this speculative morass," he wrote.

Increased production is opposed by many oil producing powers who want to preserve their income.

Copyright 2008 Agence France-Presse. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Ang talo dito yung maliliit na bansa tulad ng Pinas.

**Jun aka Pekto** · June 22nd, 2008 09:05 AM

Originally Posted by jpdm

OPEC producers have consistently argued that speculation and the weak dollar were largely responsible record-breaking prices, while Western consuming nations, led by the United States, contend that more output is needed.The working document, meanwhile, says index funds and other investors have "unrealistic assessments" of the future value of oil.

The producers are right. The output is adequate. The weak dollar certainly has blame for much of the current problems. But the speculators are also to blame because they're a jittery bunch. They react if someone in the Middle East so much as sneezes. They should be lined up and shot.....

"See this gun pointed at your head? Your millions don't mean sh*t when you're about to meet your Maker"

Hmm. Can't remember which movie I heard that from...

They're all trying to make a quick buck instead of investing for something more long term like our baby daughter's college fund, for example.

**uls** · June 22nd, 2008 01:50 PM

hold on tight... things are gonna get worse.

That Saudi meeting isnt gonna do very much...

Oil is still the only investment with upward momentum. There is still a lot of upward pressure. Players in the oil market will be testing $140 next week.

A ton of money has left stocks... just look at what happened to US stocks last week...

There's a ton of money in the sidelines looking to go somewhere.

It's either flight to safety (bonds) or more money is going into commodities next week.

And the USD isn't gonna get any support from the Fed soon.

All that talk about fighting inflation is just talk. The Fed isn't gonna raise rates anytime soon.

Things are very bad. Very bad.

Investors are no longer talking about making money.

They are now talking about NOT losing money.

Maybe all that money in the sidelines is just gonna stay in the sidelines.

As they say, cash is king.

The only time investors say cash is king is when things get very, very bad.

I can't emphasize this enough. Things are very bad right now.