Now we also have a Russian President Dmitry Medvedev who has little or no financial experience at all, speculating that high oil prices are a ``reality that everyone has to take into account.'' He said the influence of the Organization of Petroleum Exporting Countries is ``exaggerated'' and the group's decisions don't always have a ``long-term impact on oil prices.'' Russia is the world's second-largest crude producer.
``I have said that oil prices will reach $150 a barrel,'' Medvedev said in a meeting with reporters late yesterday in Moscow ahead of his participation in a summit of the Group of Eight industrial countries in Japan next week. ``Unfortunately, rising oil prices create problems for the world's economy.'' ...how smart can these politicians be !!!
The surge in prices of diesel, jet fuel and gasoline has cut profits at airlines and caused car sales to drop. Southeast Asian nations including India, Malaysia and Indonesia raised fuel prices in the past two months to cap government subsidies as oil costs jumped.
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