Posts tagged oil

It’s really hard to believe that somewhere in the world a gallon of fuel is being sold just for 12 cents. But it’s actually true. Caracas, Venezuela sells the cheapest gasoline on earth a liter sells only for 3 cents there. But the government copes up with this price only with a heavy heart, with the oil demands growing everywhere, the oil prices are beginning to shoot up around the world. But the major oil producing nations like the Venezuela, Saudi Arabia, Iran, Iraq suffer heavily unable to raise their own domestic oil prices, just because the people are so used to it. Oil price raise even causes violent riots among people if brought into practice, with their incapability to raise the prices people continue to use more and more petrol without saving any, and hugely affecting the country’s oil exports, resulting in heavy decline in economy. Such a situation really puts these nations in a tight spot.