Arab states hit by rising oil prices - 06 May 2008

Oil has risen to yet another record high - just shy of $121 dollars a barrel.

One knock on effect is that some Arab countries are removing state subsidies, which are costing billions of dollars a year.

Jordan removed fuel subsidies in February and, since then, oil prices have shot up by 82 per cent.

Syria too is cutting subsidies, trying to soften the blow with a 25% hike in wages.

And now Egypt has announced a 40 to 50 percent hike in fuel prices - just two days after saying wages would go up by a third.

For a Q&A on rising oil prices: http://english.aljazeera.net/NR/exeres/1171BA41-AD0B-4227-8AE6-ACB2F0A748B1.htm

Category:

News & Politics

Tags:

• oil
• prices
• arab
• jordan
• egypt
• syria
• bernard
• smith
• aljazeera

[gregrutz]

@TIKIMAN198 The people who own and control it. The video says Iran and OPEC

[TIKIMAN198]

@gregrutz Ok then what is driving up prices now?

[gregrutz]

@TIKIMAN198 Bush pushed the price of oil to $150 a barrel for his friends Texas.

[TIKIMAN198]

@gregrutz And now it's over 100$ a barrel.. So keep blaming Bush like that asshole in the white house.

[DestinysVictor]

Its obvious the Arab states would want to keep oil prices up for their own reasons, in fact they have a great influence on OPEC and are even gaining momentum with Hugo Chavez to keep oil prices.

And yes Arab states do have the ability to refine oil, but their leaders and heads of state are just greedy

[harj2009]

blame bush for invading iraq, causes oil prices to rise

[jmallton]

@MoltenMozzarella Oil will never be on its way out......not possible

[MoltenMozzarella]

oil is on its way out, soon they will have to advertise to sell a gallon of gas, lol

[dadecountyhustler305]

How in the hell can high oil prices weigh down on mass producing oil nations?

[zodeloni]

i dont think so. you cant fix prices. the iraq war kept oil prices very high because iraq did not produce more then 2million bpd.

lots of americans suffered also from 4 dollar a gas. that was the thing why bush was a failure as president. he couldnt fix shit