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Oil falls to 22-month low at USD 55/barrel

Perth, November 13: : Oil fell for a third straight day on Thursday to hit a 22-month low of $55 a barrel as mounting pessimism about the global economy outweighed OPEC's comments that it could cut output again as early as end-November. OPEC officials, concerned about oil's steep drop from record highs over $147 a ....Read more

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Deteriorating economy By: A.NATARAJAN | Friday , 14 Nov '08 5:52:54 AM Reply | Forward Today the oil price has struck at 55$ per barrel, the lowest in nearly two years. In these two years, the Government has hiked the cost of petroleum products so many times. When the burden of price hike of oil was passed on to the common man, the benefit of reduction should also be passed on to him in the same manner, which will help in the reduction of overall price of essential commodities and also push down the rate of inflation. Our Prime Minister, who is a renowned economist, has made a statement very recently that there is no possibility of any reduction of petroleum products in the near future. Is this stand because the Left parties have withdrawn their support. The Prime Minister should understand the economy today in the deteriorating stage instead of keeping himself busy with the patching up of differences of the UPA partners.

Deteriorating economyBy: A.NATARAJAN | Friday , 14 Nov '08 5:40:05 AM Reply | Forward Gradually the oil prices are coming down over the period and now touched 55$ per barrel. Very recently, our Prime Minister made a statement that there is no possibility of a cut down of Petroleum products. When the burden of hike was passed on to the common man, the benefit of reduction should also be passed on to him, which will go a long way in pushing down the rate of inflation and price of essential commodities. I wonder an eminent economist like our Prime Minister is not thinking on those lines, probably he may be very busy patching up the differences of the UPA partners, which he should realise is at the cost of the economy.

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