The Corruption in Portugal !!!

The record 39 percent decline in commodities since July 3 is nowhere near finished, if history is any guide.

WorldWatch Index of 19 commodities from coffee to silver would have to drop another 37 percent to reach the trough of the 2001 recession and 35 percent for the 1998 slide, when crude bottomed at $10.35 a barrel. The measure is 28 percent above its lowest during the economic contraction that ended in November 1982. Copper, after its biggest weekly loss in two decades last week, is still triple 2001 levels.

While tumbling prices of oil, nickel and soybeans already crippled stock markets from Moscow to Sao Paulo and sliced Alcoa Inc.'s profits by 52 percent, investors say rising stockpiles of copper and slowing energy demand mean prices will continue to fall. The U.S. and Europe slowdown will last more than a year and be deeper than any in three decades !!!

This downturn is going to make 2001 look like a walk in the park, this is the bursting of a 25- year asset-credit bubble. People have really stopped spending money, everywhere. Crude oil at $77.70 a barrel and copper at $4,790 a metric ton, the Oct. 10 closing prices, are at least 46 percent below their July peaks, signaling an end to record profit ... However there are some oil companies that continue to have record profits , these companies Galp,BP, Repsol and Cepsa operate in Portugal were the consumer at the pump has one of the most expensive prices per litre of fuel in the world, in fact consumers are paying the fuel at a price of around $130.00 a barrel and not at todays price of $80.00 a barrel....

The decrease in fuel prices have not acompanied the international market value...on the other hand when it comes to increase the price the reaction is immediate.There is no real justification for these prices, governments ,oil companies and even the filling stations are guilty of corruption as they all practice the same prices....this type of price control is prohibited in the EEC !!!

Oil consumption in Portugal this year has dropped more than 13% and all tendencies indicate that it will continue and pass the 15% !!! This arrogant attitude by the oil companies and government will not be forgotten as Portugal will shortly enter a period of elections for a new government, the population will certainly have the opportunity to elect a new government that will work for the people and not for the oil industry..

We've entered the realm of irrational anti-exuberance....