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China defends oil price controls: state media
Shanghai (AFP) June 10, 2008 The Chinese government defended itself against corporate criticism of oil price controls, saying they were good for the national economy, state media reported Tuesday. Ensuring social and economic stability required moving slowly on oil product price reform, the China Securities Journal reported, citing Zhang Guobao, the head of the State Energy Bureau. His remarks came after rising international crude costs left domestic oil majors like Sinopec saddled with huge refining losses, as they have been forced by the price controls to sell their products at artificially low prices. The situation has led to mounting calls for the government to loosen the controls to allow oil majors to pass on rising costs to consumers. However, Zhang said quickly lifting caps on domestic fuel prices, which have been kept much lower than international levels, would "have a huge impact on agriculture and other industries." The Chinese government, which has made taming inflation its top economic priority, imposes strict controls on energy prices due to fears that higher fuel or power costs could fan inflation already near 12-year highs. Related Links Powering The World in the 21st Century at Energy-Daily.com
Outside View: Congress and the gas agenda
Hastings On Hudson, N.Y. (UPI) Jun 9, 2008 This is a list of basic actions by Congress that would begin to address the devastating impact on U.S. consumers of the unpredictable surges in oil prices. They also would have a positive impact globally in that America accounted for one-quarter of the world's oil demand in 2007. |
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