According to Yahoo!News:
BEIJING/SHANGHAI (Reuters) – China’s worst fuel crisis in two years spread to the capital and other inland areas by Wednesday, and one man was killed in a brawl at a petrol station queue, upping pressure on the government to intervene.Diesel shortages in China’s political heart, which escaped previous supply crunches unscathed, highlight tensions between the government and its increasingly independent oil firms about who should pay for the country’s generous fuel subsidies.
Top refiner Sinopec on Wednesday pledged more supplies and bought additional diesel fuel abroad, but it may fall to Beijing to end the stand-off by raising domestic prices, easing taxes, promising another year-end pay-off — or simply strong-arming suppliers into selling more fuel at a loss.
- The crisis is spreading rapidly as more and more angry people gather at gas stations and unless the diesel starts to come in fast…more people are going to be fighting for their life for the “black gold” of life.
With Oil Price just shoot back above US$93 within 10 minutes?…We shall see more panic selling and buying of trading in the near hours or days ahead.
Correct that…it’s US$94 now…
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