Speculation in Portugal
Europe continues to face serious deficit problems such as Greece, Ireland, Spain and Portugal were new economical measures were announced this year by the government, cuts in public spending, reduction by 5% in salary, benefits in IRS, reduced and in most cases cancelled.
What the Portuguese government forgot to mention or announce any control over is the weekly increase in consumer petrol prices, this alone will affect the economy as petrol prices for the motorist keep going up, inflated by greedy companies such as Galp, BP, Repsol, Cepsa, they all practice the same final consumer price.
Regular 95 Octane 1.749€ per litre, this is the most expensive in Europe and one of the most expensive in the world.
Back in 2008 when Brent crude reached a record $147 a barrel, consumer prices were much lower than now around Regular 95 Octane 1.249€ per litre.
As long as these prices continue inflated the tax revenue derived from petrol will continue to fall drastically forced by a severe drop in consumer demand, this year alone its expected to drop by 18%.
written by ABSTRACTMIND @ 3:38 pm, ,
Brent crude has gained 15 percent in London this year to about $124 abarrel. Iran has threatened to shut the Strait of Hormuz at the entrance to the Persian Gulf, a transit point for a fifth of the world’s traded oil, in response to sanctions on its crude exports imposed over its nuclear program.
Saudi Arabia's oil minister Ali al-Naimi, also said, “If you believe Hormuz will be closed, I will sell you the Empire State or the Egyptian pyramids.
I want to assure you that there is no shortage of supply in the market. OPEC is supplying what it needs, we have capacity, additional reserves of 2.5 million barrels a day. ”
Saudi Arabia increased production to 10.047 million barrels a day in November, the highest in at least three decades. The kingdom, the world’s biggest crude exporter, has the capacity to produce 12.5 million barrels a day and will pump about 9.9 million barrels a day this month and in April, al-Naimi told reporters at the Ritz Carlton hotel in the Qatari capital.
Saudi Arabia has excess capacity of 2.5 million barrels a day, the minister said, which makes up the bulk of spare capacity in the Organization for Petroleum Exporting Countries. As much as 1 million barrels a day of exports from Iran, the second-biggest OPEC member, may be lost as embargoes enforced by the U.S. and Europe hinder consumers from buying its oil, the
International Energy Agency said in a report last week.
Brent crude reached a record $147 a barrel in 2008 as unused capacity in OPEC narrowed. As prices rose that year, Saudi Arabia said it could potentially raise output capacity to 15 million barrels a day, from 12.5 million barrels a day, using new oil fields if needed. Al-Naimi met with
ministers from producing and consuming nations last week at the International Energy Forum in Kuwait.
“When I met with the ministers in Kuwait, every one of them mentioned the economy, and the impact of current prices, and the fear that we will have a repeat of 2008,” al-Naimi said. “The situation is completely different today to 2008. It is definitely not the same. There is plenty of supply, there is readiness to supply, and the demand is really not the one that is pulling.”
Brent crude dropped 1.3 percent to $124.12 a barrel on London’s ICE Futures Europe today.
written by ABSTRACTMIND @ 4:27 pm, ,
The Pyramid Scheme
This is how the pyramid scheme is working amongst oil speculators:
Speculator #1: I buy oil from the market
Speculator #2: (he is a friend of speculator #1) I buy oil from speculator #1 at a higher price .
Speculator #1: I buy the same oil that I just sold at a higher price.
Speculators #1 and #2 contact the media (like AP) and release a bogus report about oil futures ...Oil goes up and the vicious cycle between these crooks continue to rob us blind ...
written by ABSTRACTMIND @ 3:23 pm, ,
A NEW EUROPE CRASH
One of the most expensive final consumer prices for petrol is in one of Europe’s oldest and most poor economies ...Portugal...
Filling a car with Regular 95 Octane is now a staggering 1,71€ per liter...Portugal is in a recession that will be aggravated even further by rising prices which include, coffee, soft drinks, electricity, water and the price of bread, not to mention that the petrol companies Galp.BP, Repsol and Cepsa inflate prices in a weekly basis according to the monopoly of the government and these same companies.
Petrol prices in Portugal are the most expensive ever, in a country were the unemployment passes the 14%, education is one of the worst in Europe, health care appalling, if this continues civil unrest will no doubt happen.
There are over 300 filling stations that are going to close due to a very significant drop in fuel consumption.
written by ABSTRACTMIND @ 3:22 pm, ,