World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 

OPEC Say: "It's Not Our Fault"

OPEC: Why You Pay So Much For Gasoline And Other Oil Products

Whenever the prices of oil products such as gasoline (petrol), diesel or heating oil rise, OPEC is usually made the scapegoat by some sections of the media, politicians and the general public. “OPEC must raise output,” the cry goes up. This is based on the incorrect assumption that the Organization is responsible for high product prices. The point has been made many times before, but it is worth repeating: OPEC is NOT directly responsible for high gasoline or heating oil prices. The following analysis shows why.

Most consumers believe there is a directly proportional link between crude prices and the prices of products such as gasoline and heating oil. If product prices go up, then it must be because crude prices are going up. In other words, OPEC is perceived as being directly responsible for high gasoline or heating oil prices. Nothing could be further from the truth. Although there is a link between crude prices and product prices, it is neither direct nor proportional, and the main reason can be summed up in one word – TAXES. Of course, end users of petroleum products are not being told the truth.

More

© Scoop Media

 
 
 
World Headlines

 

COP24: Rapid Action Urged At Climate Change Conference

Following a year of devastating climate disasters around the globe, from California to Kerala, and Tonga to Japan, the annual UN Climate Change Conference opens with the goal of finalising the implementation guidelines for the Paris Climate Change Agreement. More>>

ALSO:

New Report: Refugees In PNG Being Pushed To The Brink

Refugee Council of Australia and Amnesty International paint a stark picture of a traumatised refugee population hit hard by Australia's recent healthcare and counselling service cuts, as well as continued threats to their safety. More>>

ALSO:

Jamal Khashoggi: UK, France, Germany Join Calls For Credible Investigation

Germany, the United Kingdom and France share the grave concern expressed by others including HRVP Mogherini and UNSG Guterres, and are treating this incident with the utmost seriousness. More>>

ALSO:

MSF Not Wanted: Nauru Government Shows Continued Callousness

The Nauruan Government’s decision to ask Doctors Without Borders to immediately leave shows continued callousness towards asylum seekers desperately seeking a safe place to call home, Green MP Golriz Ghahraman said today. More>>

ALSO: