Oil price surge next year, Escudero warns

[Win2Win]

As economies worldwide begin to recover from the recession, Senator Francis ?Chiz? Escudero on Sunday warned of an oil price surge next year and called for urgent action by Congress to revise the oil deregulation law.

More... (http://newsinfo.inquirer.net/breakingnews/nation/view/20091025-232185/Oil-price-surge-next-year-Escudero-warns)

[Tawi2]

On the subject of oil and oil prices I found this interesting,Obama said he wants change but I dont think he envisaged it going in this direction......:icon_lol:

20:5014/10/2009BEIJING, October 14 (RIA Novosti) - Russia is ready to consider using the Russian and Chinese national currencies instead of the dollar in bilateral oil and gas dealings, Prime Minister Vladimir Putin said on Wednesday.

The premier, currently on a visit to Beijing, said a final decision on the issue can only be made after a thorough expert analysis.

"Yesterday, energy companies, in particular Gazprom, raised the question of using the national currency. We are ready to examine the possibility of selling energy resources for rubles, but our Chinese partners need rubles for that. We are also ready to sell for yuans," Putin said.

He stressed that "there should be a balance here."

On Tuesday, Russia and China agreed terms for Russian gas deliveries at a level of up to 70 billion cubic meters a year. China also imports oil from Russia.

The Russian prime minister said the issue would be addressed among others at a meeting of Shanghai Cooperation Organization (SCO) finance ministers, who are to convene before the end of the year in Kazakhstan.

Britain's Independent newspaper reported last Tuesday that Russian officials had held "secret meetings" with Arab states, China and France on ending the use of the U.S. dollar in international oil trade.

The countries are reportedly seeking to switch from the dollar to a basket of currencies including the euro, Japanese yen, Chinese yuan, gold, and a new unified currency of leading Arab oil producing countries.

The Independent said the meetings have been confirmed by Chinese and Arab banking sources.

[JimOttley]

On the subject of oil and oil prices I found this interesting,Obama said he wants change but I dont think he envisaged it going in this direction......:icon_lol:



It will take time but it will happen, no one wants to fund America's debt any more so they really don't want dollar reserves.

The danger for countries like China that have significant dollar reserves is the devaluation of those reserves if the dollar goes down the tubes, so replacement currencies will take time.

The other problem is no one really wants to fund our debt any more either.

Jim

[somebody]

Heard the same and why do you think the British Goverment is proping up Sterling with billions being pumped in and then bought up as the US are doing whats need for the Dollar.

BRIC I think it is Brazil, Russia, Indian and China are already moving to shake things up as mentioned.

The worryign thing is China although they and other Asian countries have huge reserves of UK and even bigger US reserves. but if the US and UK currencies keep getting devalued the gain and poltical power China and Russia would gain it maybe worth losing the money for the long term gains. Remeber Russia and China are very different countries to the the UK and the US..