"China will raise petrol and diesel prices by more than 16 percent from Friday to reduce the gap with soaring international oil prices, the official Xinhua news agency reported, quoting the country's top economic planner.
Retail prices of petrol and diesel would be hiked to 6,980 yuan and 6,520 yuan a tonne, up more than 16 percent and 18 percent.
The rises would mean an increase of 0.8 yuan and 0.92 yuan a litre (44 cents and 51 cents a US gallon) for petrol and diesel, Xinhua said.
Prices were raised to ensure supplies by reducing the gap between soaring international crude prices and state-set domestic oil prices, the commission said"
(From CNN News)
Analysts always said after "peak oil" would come "panic hikes"...well my gas guzzling fellow Americans- That is where we are with Todays Gas Prices!!!
Also read today...$200.00 a barrel is in the near future-The Thought Hurts!
See You at the Pump
Thursday, June 19, 2008
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Larry- With both china and India's economy constantly growing, this will continue to put a huge strain on the world's oil supply. Less supply with mean higher prices which we are facing currently. I think in addition to more drilling in the continental shelf individual states should get rid of there gas taxes which in some states is as much as .70 cents on the dollar. --Josh
www.reportgasprices.com
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