Submitted by TheIndiaStreet on June 17, 2008 - 10:27am.
Aditya Rao
For the first time in history oil touched a rate of $140 a barrel. Luckily it managed to stabilize earlier today at $134.This can be attributed to the sudden announcement made by the Saudi Arabian government that it was increasing oil production by Two Hundred Thousand barrels a day.
But the problem is that as much as this is a welcome move to the rest of the world including India and the US, one simply can’t expect oil prices to drastically come down. This is not the first effort made by the Saudi government to contribute to solving the oil crisis. In an effort to stem the lack of oil supply and sky rocketing prices the Saudi government hiked oil production by Three Hundred Thousand barrels a day earlier in the month of May.
Which means
