Price of fuel up at the pump in China.
Forgive us for the lack of news today, we’re currently crying into our pillows:
BEIJING, June 19 (Reuters) - China said on Thursday it would raise its nationwide retail diesel and gasoline prices by 1000 yuan, or about 18 and 17 percent respectively, from June 20th -- the first increase in over seven months.The move, accompanied by increases in jet fuel and electricity prices, came despite Beijing's focus on fighting inflation, which earlier this year climbed to the highest level in over a decade and in May still stood at 7.7 percent.It follows growing nationwide shortages of diesel fuel as refiners cut back output to avoid losses, and will improve revenues for state oil giants Sinopec and PetroChina although pump rates still lag the rising cost of crude CLc1, which closed at $136.68 a barrel on Wednesday.Since the start of 2003, China's domestic gasoline prices have climbed 95 percent and diesel prices have more than doubled, but in the same time period global crude oil prices have risen over fourfold, or by around $100 per barrel.The June 20 prices given are reached by updating nationwide averages given last November by the National Development and Reform Commission, the country's top economic planner.They may be updated if the government issues new official nationwide averages.Previous to November 1, 2007 rates were for the southern province of Guangdong, the country's manufacturing hub and the largest oil consumer by province.Service stations are allowed to charge within 8 percent of the fixed regulated rate. They charge the maximum most of the time as international prices remain much higher.
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I wonder how much this will strengthen the demand for electric cars and or low cost hybrids….
Did you chaps in China know that we here in the good old US still have BILLIONS of barrels of oil? YUP and if we can rid ourselves of our socialist dems, including Sha-bamo we can get back things on track. Estimates are that there is 18 billion off the Florida coast another 5 billion off California and a couple off the coast of Washinton and Oregon, not to mention Alaska and the Artic circle. And them there’s oil shale…Another 20 billion barrels. I say let them eat cake, we still own the flour. AND when the next Hitler come to town we won’t bail out Europes ass NO third time. My 15 year old isn’t going to break his back over Germany in a B-17 like his grandfather and uncle did. Hell if if was up to me we’d pull every American back home and let the rest of em kill each other. A 100′ tall fence on the southern border and one to keep the canucks at home too.