Well, the crude oil price is now hovering around US$78 to US$80 per barrel. Commodity futures players are already expecting the US$100 barrier to be broken soon. How soon?
You could read up on an write up by an expert on commodity futures, Peak Oil. Provides you with a hindsight of what is happening in the oil market.
The Government of Malaysia has re-iterated again today that the petrol prices will stay as promised for the year. Read the line carefully again, for the year !!!. The price increase of RM0.30 happened close to US$70 per barrel. If it hits US$100, be prepared for a gradual increase of additional RM0.30 per year (assuming the max amount the government will increase each year) for each US$10 (starting at US$70 to US$100) increase in crude oil price.
Wow!!! It could be RM3.10 per litre if it hits US$100 per barrel in year 2010. You can start working out your budget now and also to decide what car to drive in time to come.
Tags: Oil, Peak Oil, Barrel, Commodity
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