Wednesday, March 12, 2008

High Oil Prices Here To Stay

Remember those days when oil was price at below US$100; how far ago that seems now. Remember the cries of anguish when oil price first breached US$100; how we wish those days would come back.

Dream on people! World oil prices are up, and they look like continuing their record charge in the near future. Already to US$110 dollars now, traders are now saying the unthinkable mere weeks ago; US$200! Of course the blame is cast on surging demand from China and India who are soaking up oil like water right now, but hey, it's not like there's any innocent party in this. We all use oil in one way or another right?

One good thing coming out of this. With higher oil prices, maybe people will now be less willing to buy cars and help destroy Mother Earth. Not very likely in Singapore, but I hope so.

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