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[3:8] (Mereka berdo'a): "Ya Tuhan kami, janganlah Engkau jadikan hati kami condong kepada kesesatan sesudah Engkau beri petunjuk kepada kami, dan karuniakanlah kepada kami rahmat dari sisi Engkau; karena sesungguhnya Engkau-lah Maha Pemberi (karunia)".

Friday, June 27, 2008

Crude Oil surpass the USD140 mark!!!

Oil prices mark another record in the market when the price of black gold soar across the USD141 per barrel in New York. Crude oil for August delivery rose as much as $2.07 a barrel, or 1.5 percent, to $141.71 in electronic trading on the New York Mercantile Exchange. It was at $141 at 10:59 a.m. London time. Brent crude oil rose as much $2.15, or 1.5 percent, to a record $141.98 on London's ICE Futures Europe exchange. The contract traded at $141.40 a barrel at 10:39 a.m.
Despite the drop in demand and a surplus of supply, the price of oil continue to rise amid the Libya threat to cut production and statement by OPEC's Prsident that price of oil will reached USD170 in the summer. The continuous rise in the oil prices is already make an impact in most part of the world when governments are forced to review the oil prices and workers has gone on strikes due to the rising cost of doing business. In Malaysia, the price of Petrol and Diesel have been adjsted to around RM2.70 per liter and RM2.58 per liter respectively, registering a hike of around 40% - 60%.
Inflation is on the rise, and people are starting to cut on spending to adjust to the rising cost of goods, especially foods and transportations. The rising cost of oil also start a snowball of price increase of other goods since most of the items rely on transportation to be sent to the proper destination. At the current rate, a major economic recession or economic depression seems inevitable. The problem will be a worldwide crisis and the government need to be proactive to ensure that these negative impact on the economy could be mitigated effectively. One of the most important issues to be addressed during recessions are the availability of food, medicals and energy. These essential supplies need to be adequately available to ensure that the people can still survive the economic situation and to ensure that there are no food crisis, or diesease outbreak or other humanitarian crisis. If the government have a comprehensive planning to address the food, medicine and energy issues, the government should be able to maintain a decent economic growth in the tme of economic recession.
Any economic recession will have a negative impact on the overall economic growth and the world will need to be on guard to wheather the economic storm lies ahead......

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13 comments:

local economy said...

Huh!...... USD140?

This really a bad scenario.. Well, I think we really need to equip ourselves with some preparation for economic depression...

mamat kampung said...

Hai... ini macam memang susahla..

Nampaknya harga minyak akan naik lagila... Mungkin harga minyak akan naik menjadi RM3.70 seliter....

Harap-harap kerajaan ade mekanisme nak menstabilkan ekonomi negara....

orang miskin said...

Kerajaan mesti turunkan cukai pendapatan rakyat... Mungkin dalam keadaan sekarang, orang yang dapat RM3,000 sebulan pun patut dikecualikan dari cukai....

Kerajaan mesti membuat penstukturan semuala cukai pendapatan..

the kampung boy said...

Saya rasa kerajaa Malaysia harus peka terhadap masalah minyak ini. Satu Majlis Tindakan Ekonomi Negara (MTEN-2008)hendaklah ditubuhkan dengan segera...

Saya juga rasa, kerajaan patut mengambil orang-orang yang berpendapatan rendah untuk menjadi panel didalam MTEN tersebut supaya masalah orang miskin dapat diatasi..

Tiada gunanya jika MTEN hanya dianggotai oleh golongan korporat yang berpahaman kapitalis tanpa memikirkan masalah sosial rakyat...

Harapannya agar Pak Lah dapat mengambil peluang ini untuk membuktikan kepada dunia dan rakyat Malaysia bahawa dia seorang pemimpin yang cemerlang... kalau tidak, sukar untuk beliau untuk dikenang sebagai PM yang cemerlang, gemilang dan terbilang..

sipolan bin sipolan said...

Jika keadaan berterusan begini, nampak gayanya memang aku kenala belajar makan ubi kentang ke, keledek ke... Mungkin kena belajar buat tempe pakai bijik getah pulak...

Keadaan ekonomi kini menjadi bertambah genting!!!!!

Letting the time pass me by said...

local economy
Yeah.. at USD140 it is bad ... I wonder if the oil price really hit USD170?

mamat kampung
Saya pun berharap kerajaan ade cara untuk mengatasi masalah ekonomi nie....

orang miskin
Bagusla kalau kerajaan ade idea nak kurangkan cukai pendapatan...

the kampung boy
Tak tahula kalau Pak Lah mampu menyalurkan idea-idea bernas dan bertenaga kepada pembangunan negara..

sipolan bin sipolan
Nak buat tempe pakai bijik getah pun dah susah... mana nak cari pokok getah?

TheWhisperer said...

My calculation tells me the oil bubble may burst once the price hit USD148.

Local economy is right about depression.. question is whether the world is well equip enough to avoid it.

Subprime at its peak totalled up to USD300 trillion. A conservative 10% non performing loan (NPL) would actually translate into a USD 30 trillion that need to be written off. And so far what have been written off is less than a trillion. subprime woes aint over yet.

That should explains the transfer of funds from equities into commodities and metal derivatives. Record prices been set mainly due to excessive speculation..

Dangerous precedent that could spell destruction to the world. That is why it is better to hold cash now only if we have any left by now.. lol

Faisal Admar said...

Instead of screaming, frown on the face and demonstrate what we could do is work harder. Work harder in my context is to find more sources for side income. Yes, me too was so upset with the oil price but nothing much I could do from my side. To live below our mean is impossible. We need foods, oil and others :)

Danielle_Corleone said...

saya ada buat news ni smlm.

Farah Deen said...

well, with the really high fuel price, I personally could really feel the blow. I use the car way a lot, and I fill up the car tank almost twice a week (full tank), it hurts to pay so much nowadays! horrible. I am just hoping it will not go higher though chances are they might!

btw, nice having you at my blog, and hope to see you around again :)

Letting the time pass me by said...

Thanks for all the comments

the whisperer
Hope that your calculation is correct, if not the price will rise to USD170...

faisal admar
Some people can still adjust their way of life, but ofr some, the budget is already exceed the salary. Well maybe we just need to work harder

Danielle Corleone
Harga minyak memang dah semakin naik sahaja...

farah deen
Everybody is feeling the impact.. some people may find it is very hard to adjust...

Wakmasnoor said...

Salam Sham

Maybe..maybe some sort of mechanisms should be worked out between OIC oil producing nations. Something like a limited but open oil trading and enterprising market against the current OPEC and Western controlled regulations.

But a friend of mine said such idea would never work because Arabs are greedy for money. Hence to limit the spectrum of prices would subsequently give less returns to them.

Letting the time pass me by said...

Wak

Keadaan sekarang nie semakin unpredictable.. Bulan Julai nie, harga minyak mula main sekitar USD140-USD150 per barrel...

Tak tahula apa rancangan kerajaan.. Tetapi rasanya keadaan ini kan terus berpanjangan selagi tak de alternatif yang lebih murah selain minyak... Tetapi kalau ade sumber altenatif lain, rasanya harga minyak akan menjunan dengan mendadak...