The way oil price increases, it scares even oil producing nations who stand to gain from it for now.
Saudi Arabia says the hikes are not justifiable given that the market has sufficient supplies. It is calling for a meeting among oil producing nations, consuming nations and oil companies spanning the supply chain, to discuss how to deal with it.
The Saudi’s official concern is that spiraling oil prices ‘could affect the world economy’. I think they are also worried about how the phenomena could backfire against oil rich countries in the long run.
Everyone is now driven to research and invest in renewable forms of energy. Dependency on oil aside, these alternatives also hold promises of cleaner environments.
One day they might just make oil obsolete.
exchanging food for energy (part II)
Maybe he has neglected to look at his own backyard.
When 30 years ago, you got to enjoy paddy fields, buffaloes, kampongs, rubber plantations, tin mines, cliffs and forests along the country roads, today, you see nothing but palm oil plantations along the North-South Highway.
On a flight from Singapore to KL, you will marvel at the endless sea of uniform palm greenery below.
Back in the 60’s, Malaysia was self-sufficient where rice was concern. Today, it imports 30% of the staple grain.
The ongoing food shortage is a wake up call. That is where PM Badawi is coming from in his address to the WEF.
His government has recently decided to encourage rice farming on a massive scale again. It has identified the East Malaysian state of Sarawak for the purpose, and the state is supportive in providing more land.
Sound policy it is. The next question then, is where the land will come from. Will biofuel production hectares be converted, or will it involve clearing of more forests yet?
*related article here
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