Thursday, January 17, 2013

As BP desperately tries to deny #peakoil, subsidy crunch already in progress

Indian Oil Gains After Being Allowed to Raise Diesel Prices - Bloomberg: "Finance Minister Palaniappan Chidambaram is seeking to reduce spending on fuel subsidies as part of a plan to narrow the budget deficit to a two-year low of 5.1 percent of gross domestic product and avoid a ratings downgrade. The state refiners lost 738.2 billion rupees ($14 billion) from selling diesel below cost in the nine months ended Dec. 31, making up 59 percent of the total loss on fuel sales."

'via Blog this'

Sunday, January 6, 2013

No money for free public transport -- but plenty wasted on oil

Reuters | Photo By AMIT DAVE / Reuters
Two dead at Indian Oil Corp terminal fire - Yahoo! News: "India's Petroleum and Natural Gas Minister Veerapa Moily, who visited the site, said the damage to Indian Oil could be as much as 450 million rupees ($8.16 million)."