Asked by
vanmathi.m
in
News & Current Affairs
at
7:27 AM on July 01, 2008
Shyam M's Answer
It is the seller who decides the price at which he wants to sell the goods and not the buyer. Even if oil consuming countries form a cartel it will have no effect on the prices of the oil. Besides this the prices of the oil are not just going up due to the consumption alone. The prices of the oil are going up due to the world's politics ; American policies and partially Islamic terrorism. America has never allowed the world crude oil to be traded in any other currency other than the US dollar and it is employing every trick in its bag to thwart any such attempts that would falicitates the crude oil to be traded in Euro , Dinar or any other Non-Dolar currency, so do not look at the oil prices as a simple buyer-seller game.
Answered at
2:26 PM on July 01, 2008
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