It seems even my decision to buy a the normal grocery on a weekend has got some serious connection with the OIL prices. This is a lot and too much for a common man to think through...i feel quite unecessary burden on his already heavy shoulders...
The latest talk is that the demand for OIL will come down globally with the emerging markets especially giant consumers like India (India is the 6th laregst OIL & GAS consumer globally) cutting down their OIL subsidies drastically, as the cost is turning out to be a big burden on the day to day running of the goverment. Fuel subsidies in emerging economies have been a major factor in keeping demand for oil strong, and so maintaining its high price.
US is also one of the major factors of this strong demand as over the last decade it has increased its OIL reserves (courtesy funded wars in IRAQ 1991& early 2000) considerably. I guess it has doubled its oil reserves in the last 2 decades or so.
When people speak of $ 200 per barrel prices in the near future, it makes me shiver as to what will happen to me at a personal level. Life is too tough and it is turning out to be one sordid saga without much to relish about...
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