So Who Is It?Posted: July 4, 2008
There is a front page piece in the ToI today … Blame $146 oil on speculators, US House told … Interesting reading. Apparently, the expert has told the US House that the surge in oil prices is due to speculative activity. Interesting … On the other hand, there was an article in the Financial Express, which says, Majors say high oil pricess not due to speculators. Even more interesting … CNBC says …
Crude prices have surged seven-fold since the start of 2002 as supply struggles to keep up with demand from emerging nations like China. The price spike has caused fuel protests worldwide and hurt demand in consuming nations like the United States.
Interesting … China and India (though the article doesnt explicitly mention India), are to blame, according to this statement. On the other hand, the United States is seen as a consuming nation. Is China, or India, not a consuming nation? This gives the impression that according to CNBC, China should be “sacrificing” for the “consuming nation”, the United States. If anything, this should be a clarion call for the “developed” world to look inwards, and understand why they are consuming hydrocarbons (or anything else for that matter), in disproportionate measure. And, shoulder the responsibility of the implications of relentless consumption. Queer … Very queer!