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| | Hydrocarbon mix that distillates between 30¼ C and 150¼ C. It is the most volatile part of crude oil. Used in Otto cycle engines, such as a Formula One engine
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Oil PSU executives to defy court orders, to strike tomorrow Oil PSU executives on Tuesday said they will defy High Court orders to strike work indefinitely from tomorrow morning even as the Government assured that it had plans in place to see that fuel supplies and plant operations are not affected. ONGC unit raises $1 bn via CPs: Sources ONGC Videsh Ltd, a unit of state-run oil exploration company Oil & Natural Gas Corp, on Tuesday raised 50 bn rupees ($1.03 bn) through a one-year commercial paper issue, two sources familiar with the deal said. ONGC launches Rs.44-bn project in Tripura India's premier hydrocarbons exploration company, Oil and Natural Gas Corp (ONGC), has undertaken a Rs.43.76-bn project in Tripura to boost gas output, the company said here on Tuesday. Tata moves court against Rel Power TPC has moved the Delhi HC challenging govt's decision to allow Rel Power to divert coal from the captive mines of Sasan UMPP for use in other projects.
IGL to supply CNG, PNG in national capital territory Petroleum & Natural Gas Regulatory Board (PNGRB), the downstream regulator in the oil & gas sector, has authorised Indraprastha Gas Ltd (IGL) to supply compressed natural gas (CNG) and piped natural gas (PNG) in the national capital territory (NCT). MRPL unlikely to renew diesel deal with Iran Instead, MRPL is in talks with Emirates National Oil Co for a one-year diesel export deal, which could amount up to 500,000 tonnes per year, the source added. 30k-cr oil bonds to wipe red ink from cos? books The government is working on a bailout package to prevent its three blue chip oil companies-Indian Oil, Bharat Petroleum and Hindustan Petroleum-from closing 2008-09 in the red. All?s well for India?s oil and gas future The two discoveries , RIL?s offshore gas project and Cairn?s onland oil discovery, are set to begin contributing to India?s energy kitty in 2009-10.
Oil PSU officers to go on strike from Jan 7 PSU oil firm executives will go on indefinite strike from January 7, as govt failed to live up to its promises.
Oil ministry withdraws kerosene marker scheme The petroleum ministry has repealed the law requiring mandatory doping of colour (marker) with kerosene from Thursday.
Govt oil cos review strategies to beat private competition Essar Oil has expanded the number of outlets to over 1,000 and plans to add 1,400 more, while Shell India has earmarked Rs 250 crore for the first phase of its retail operations in India.
GAIL buys LNG from Shell for $11.7 per million Btu State gas utility GAIL India Ltd has bought liquefied natural gas (LNG) from Shell India at $11.7 per million British thermal unit.
Oil companies slash ATF prices by 6.8% State-owned oil companies on Wednesday cut aviation turbine fuel (ATF) prices by 6.8%, making it the eighth straight reduction since September.
OVL to takeover Imperial as shareholders accept open offer OVL's 1,250 pence per share offer values the entire deal at around £1.4 billion or approximately $2.1 billion at the prevailing exchange rates. Inter-ministerial clash on block allotment delays coal-to-oil plan The government?s ambitious programme to convert coal into oil is faltering as there is no consensus among ministries on how to allocate coal blocks, a senior government official said.
Imperial Energy investors back ONGC bid: Source Shareholders owning over 90% of UK-listed oil explorer Imperial Energy have backed a $1.89 billion bid from ONGC.
ONGC completes Imperial acquisition Decks have been cleared for Oil and Natural Gas Corporation's $1.9 bn takeover of Imperial Energy with about 96 pc of the London-listed firm's shareholders accepting its offer of 12.50 pounds a share. MoPNG appoints regular joint secretary After a gap of almost five months Ministry of Petroleum & Natural Gas (MoPNG) has finally appointed a regular joint secretary in its exploration division. Venezuela tells ONGC of output cut Venezuela has told India's Oil and Natural Gas Corp it will have to reduce output from the joint-venture San Cristobal oilfield after OPEC agreed a record production cut this month, an ONGC source said on Tuesday.
OVL may acquire management control to buy Imperial <p>OVL may pick up even less than 90% valid sale offers to acquire management control of Imperial, if 90% condition is not met. <a href="http://economictimes.indiatimes.com/articleshowpics/3798032.cms" target="_blank"><b>World's largest refining companies</b></a></p> ONGC Videsh to go ahead with Imperial Energy deal <p>ONGC Videsh has decided to go ahead with the acquisition of the UK-listed Imperial Energy. <a href="http://economictimes.indiatimes.com/articleshowpics/3798032.cms" target="_blank"><b>World's largest refining companies</b></a> | <a href="http://economictimes.indiatimes.com/articleshowpics/3213825.cms" target="_blank"><b>World's top 10 oil producers</b></a></p>
RIL on mission to cut flab, turn waste into cash <p>The initiative, cutting across all its major industrial operations, is aimed at optimising costs and operations across the value chain. <a href="http://economictimes.indiatimes.com/articleshowpics/3509972.cms" target="_blank"><b>RIL's first crude from KG basin</b></a></p>
'ONGC close to sealing Imperial deal' Reports in the UK media suggest that ONGC is close to securing the minimum threshold of shareholder acceptances for acquiring Imperial Energy. Myanmar signs gas deal with SKorea, India, China: Media Reports Military-run Myanmar has signed a deal with South Korean and Indian companies to pipe natural gas from the energy-rich nation's offshore fields to China. SBI to do the valuation of Tidewater for Andrew Yule Andrew Yule & Co has shortlisted State Bank of India (SBI) to carry out the valuation of its 26.2% stake in Tidewater Oil ? the company which owns the automobile lubricant brand Veedol. RPL commissions its refinery in record time as peers struggle Reliance Petroleum (RPL), a Mukesh Ambani company, has commissioned the world?s sixth-largest refinery in record time of just 36 months. Pakistan delegation in Iran to seek oil on deferred payment A high-level Pakistani delegation on Sunday travelled to Iran to seek oil on deferred payments and to hold talks to speed up the implementation of the Iran-Pakistan-India gas pipeline project, a petroleum ministry official said.
Battered in 2008, year ahead for Ambani groups remains cloudy <p>You may like them, you may hate them, but you just can't wish them away! Such is their aura in stock market. <b>Weekly Gainers: BSE</b> <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A§orid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go
" target="_blank"><b>A</b></a> , <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B§orid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go
" target="_blank"><b>B</b></a> , <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=§orID=0&exchangeindexid=0&frequency=daily&isgainer=true&pagesize=30&pageNumber=1
" target="_blank"><b>NSE</b></a> | <b>Losers: BSE </b><a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A§orid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go
" target="_blank"><b>A</b></a> , <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B§orid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go
" target="_blank"><b>B</b></a> , <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=§orid=0&frequency=weekly&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go
" target="_blank"><b>NSE</b></a></p> IOC puts petrochem project on hold, to focus on refinery India?s largest refiner Indian Oil Corporation (IOC) has decided to put on hold a petrochemical complex, which was to be set up along with the 15 metric million tonnes per annum (mmtpa) export oriented refinery in Paradip. PetroMin turns down RPL request to export LPG Oil Ministry is believed to have turned down Reliance Petroleum Ltd's request to export LPG from its newly commissioned refinery at Jamnagar in Gujarat, forcing the only-for-exports unit to sell the cooking fuel locally.
Petrol begins to flow from RPL refinery RPL with its capacity and complexity may be better placed to beat the slump in demand. Oil PSU officers to be on strike from Jan 7 Public sector oil firm executives will strike work indefinitely from January 7 against the "minuscule wage hikes" approved by the Government.
Pak offers to buy Indian share of Iranian gas under IPI: Report Pakistan has offered to Iran that it could buy the Indian share of gas from the proposed USD 7.5 billion pipeline project involving the three countries.
Reliance Petroleum commissions Jamnagar refinery <p>The refinery is the sixth largest refinery in the world capable of processing 5,80,000 barrels of oil per day (bopd). <a href="http://economictimes.indiatimes.com/articleshowpics/3509972.cms" target="_blank"><b>RIL's first crude from KG basin</b></a></p>
Judge hearing RIL-RNRL case transferred Justice KK Tated of the division bench of the Bombay High Court, who was hearing the long-pending dispute between Ambani brothers over the supply of gas, has been transferred to Aurangabad. ONGC arm awards $1.5-b contract to Samsung, German firm ONGC Petro-addition (OPaL) - a subsidiary of state-owned Oil & Natural Gas Corp (ONGC) - has awarded a $1.5-bn contract for its ethylene project to a consortium of Samsung Engineering of South Korea and German engineering firm Linde.
GSPC gets clearance for gas recovery from KG basin It's a shot in the arm for Gujarat government-promoted Gujarat State Petroleum Corporation (GSPC). The director general of hydrocarbon has approved GSPC?s declaration of commerciality for KG-8 discovery in the Krishna-Godavari basin offshore block KG-OSN-2001/3 on Tuesday. Co lines up $100 m to develop oil, gas blocks The state venture Gujarat State Petroleum Corporation will invest $100 mn to develop the new oil and gas blocks. It was awarded 10 blocks in NELP-VII round to develop with partners and individually on Monday evening. RPL to start production at Jamnagar refinery by Dec 28 Mukesh Ambani-run Reliance Petroleum Ltd may start production at its 580,000 barrels per day only-for-exports refinery at Jamnagar in Gujarat by December 28, the birth anniversary of group founder Dhirubhai Ambani.
Reliance Industries to start world's biggest refinery <p>The $6 bn project will pump out 1.24 million bpd of ultra-clean fuels to Europe, Africa and the United States. <a href="http://economictimes.indiatimes.com/articleshowpics/3213825.cms" target="_blank"><b>World's top 10 oil producers</b></a> I <a href="http://economictimes.indiatimes.com/articleshowpics/3798032.cms" target="_blank"><b>World's largest refining cos</b></a></p>
BP gets ready to explore the Indian deepwater BP and Reliance Industries (RIL) on Monday signed a production sharing contract for the block KG-DWN-2005/2 with the Government of India. Reliance procrastinates crude oil delivery to CPCL by 2 months Reliance Industries has put off delivery of crude oil from its eastern offshore Krishna Godavari basin D6 block to Chennai Petroleum Corp (CPCL) by almost two months to February 15 due to equipment failure at the oilfield.
ONGC unit awards $1.5 bn ethylene project to Samsung Engineering ONGC Petro-addition Ltd (OPaL) has awarded a $1.5 billion contract for its ethylene project to the consortium of Samsung Engineering of South Korea and German engineering firm Linde. Govt issues oil bonds worth Rs 22k cr The government issued bonds worth Rs 22,000 crore to compensate the cash strapped oil marketing companies. Govt may shelve HPCL consortium?s Vizag refinery citing poor fuel demand The Centre on Monday signalled that a proposed project by a Hindustan Petroleum-led consortium to set up a refinery in Visakhapatnam may be shelved, saying it would review its feasibility in the light of the global economic slowdown hitting demand for fuel.
Reliance leases Vopak oil storage in Singapore India's Reliance Industries has leased 100,000 cubic metres (cu m) of clean oil products storage in Singapore, further expanding its global presence as the private oil refiner prepares to commission its new mega-refinery. Fate of Hindustan Petroleum Corp's Vizag project uncertain The fate of Hindustan Petroleum Corp Ltd-promoted $10 billion Vizag refinery-cum-petrochemical project is uncertain. Nelp-VIII likely to offer 100 blocks The petroleum ministry is planning to auction over 100 prospective areas for oil and gas exploration by March 2009 under the eighth round of New Exploration Licensing Policy (Nelp-VIII).
ONGC may be partly relieved from fuel subsidies ONGC to be exempted from subsidising domestic LPG and kerosene as steep fall in global crude oil prices has eroded gains.
BP, RIL sign contract to jointly explore in KG basin BP and Reliance Industries on Monday signed a production sharing contract for the block KG-DWN-2005/2 with the Indian government. Cairn India announces another oil and gas find in Rajasthan Cairn India, a unit of Edinburgh-based Cairn Energy Plc has announced that it has made an oil and gas discovery adjacent to its Raageshwari oil field in the Rajasthan block. Cairn India finds gas, oil reserves in Rajasthan Cairn India Ltd today announced that it has made an oil and gas discovery adjacent to the Raageshwari oilfield in its Rajasthan block. RIL may begin production at KG basin by Feb 2009 Pipelines are ready to supply gas from the basin to 20 existing gas-based fertiliser plants as per the govt?s gas utilisation policy.
Reliance's Iran links invite US ire Export-Import Bank of the US has come under attack from a group of American Congressmen for a 'perfunctory' due diligence on India's top corporate entity Reliance Industries and failing to detect its ties with Iran.
US lawmakers ask Ex-Im to suspend aid to RIL over Iran ties <p>A group of US Congressmen have asked Export-Import Bank to suspend $900 mn worth assistance to Reliance Industries. <a href="http://economictimes.indiatimes.com/quickiearticleshow/3817114.cms" target="_blank"><b>Top managerial salaries under scanner</b></a></p> US lawmakers want RIL assistance stopped on Iran ties Lawmakers have demanded that the Export-Import Bank of the US immediately suspend all financial assistance to RIL until it agrees to stop selling gasoline to Iran.
Imperial fears postal strike, asks investors to accept ONGC offer soon Amid speculation of a postal strike in the UK, London-listed Imperial Energy has asked its shareholders to accept the ONGC offer ?as early as possible?. Priced at 1,250 pence a share.
Govt unlikely to cut fuel prices further Govt will allow IOC, BPCL and HPCL- to earn additional profits on petrol and diesel for some more time before evolving a new mechanism to offset their losses on retail sales of kerosene and cooking gas. IOC-Adani Energy JV may pick 50 pc stake in LNG terminal A newly formed joint venture of state refiner Indian Oil Corp and Adani Energy may take 50 per cent stake in a Rs 4,000-crore LNG import terminal planned by GSPC at Mundra in Gujarat.
Gail imposes service charge on gas distribution Gail India has introduced a service charge of Rs 110 per thousand standard cubic metre for distributing gas produced by government-owned companies.
Reliance defaults in oil delivery to CPCL Reliance Industries has failed to deliver the second consignment of crude oil from its eastern offshore Krishna-Godavari basin D6 block to Chennai Petroleum Corp Ltd, as output from the field has been erratic.
ONGC loses over Rs 1,570-cr in revenues Oil and Natural Gas Corp, India's largest oil and gas producer, lost over Rs 1,570 crore in revenues on sale of natural gas at price lower than its cost of production during 2007-08. India curbs LNG buying as naphtha cheap option Indian buyers have brought Asia's already-slow spot market for liquefied natural gas (LNG) to a virtual halt as they switch to naphtha, an alternative fuel that has tumbled in price in line with oil. Imperial says no Lehman risk to ONGC bid Imperial Energy said its agreed takeover by India's ONGC was not at risk because shares owned by collapsed investment bank Lehman Brothers would not be tendered for sale.
Oil cos slash jet fuel prices by 11% State-run oil companies on Monday cut jet fuel or aviation turbine fuel (ATF) prices by over 11 per cent, making it the seventh straight reduction since September. IOC plans to buy sugar mill in Brazil State-run Indian Oil Corp is planning to buy a sugar mill and set up a refinery in Brazil to produce ethanol. Rosneft not to buy stake in Imperial-Report Russia's top oil producer, Rosneft, will not buy a stake in Imperial Energy, which India's state-run ONGC is acquiring, Indian government and ONGC sources said. OVL may pick up only 51% stake in Imperial, save $1 bn OVL has a chance to save around $1 billion in the $2.1-billion deal for acquiring the UK-listed Imperial Energy.
Chevron to decide RPL deal by January Chevron, the world?s fourth-largest oil company, will take a final decision by the end of January 2009 on buying a 24% stake in Reliance Petroleum (RPL) and hold on to the 5% it already has in the company. Govt in a spot over RIL-RNRL case The government?s decision to withdraw all four affidavits it had filed in the RIL-RNRL gas dispute case has raised several questions RIL shuts oil production from KG-basin after pipe rupture Reliance Industries has shut crude oil production from its Krishna Godavari basin D6 fields after a pipe rupture.
RPL denied permission to export LPG from Jamnagar: Source The government has declined Reliance Petroleum permission to export LPG from its under- construction only-for-exports refinery at Jamnagar in Gujarat, as the nation continues to face deficit in cooking gas production.
Auto fuel rates to be freed Prices of petrol and diesel will soon be deregulated under plans being considered at the highest levels in the government and could result in consumers paying less at the pump, as prices reflect the recent steep fall in international oil prices. Govt withdraws affidavit in RIL-RNRL gas dispute case In an unusual development, the government has withdrawn the affidavit, it had filed in the Bombay High Court, arguing that Reliance Industries (RIL) cannot sell Krishna-Godavari basin gas at a price less than $4.20 per million metric British thermal units (mmBtu). Government withdraws affidavit in RIL-RNRL case Appearing for the Union Government, Additional Solicitor General Mohan Parasaran said that the affidavits filed by S M Sundaram, under secretary, ministry of Petroleum and Natural Gas, will be withdrawn.
MRPL says refinery project delayed Mangalore Refinery & Petrochemicals Ltd said on Thursday its plans to expand refining capacity would be delayed by more than a year to October 2011 due to adverse market conditions and high costs.
OVL submits feasibility report for oil discovery in Iran After receiving approval for the commercial viability of natural gas production from the Farsi block in Iran, the overseas arm of Oil and Natural Gas Corporation, OVL, has now submitted a feasibility report for the oil discovery it made in the block two years ago. Falling crude, credit turmoil may delay NELP VIII bidding The eighth round of bidding for oil exploration blocks in India is likely to see huge delays with most oil companies hesitant to pump in money into such risky ventures.
ONGC suffers another blow as Imperial gives up Kazakh licence Imperial Energy, which is in the process of being taken over by ONGC, has not renewed its licence to prospect oil in Kazakhstan. The non-renewal of licence in Kazakhstan means that Imperial has lesser assets now than what it had five months ago when ONGC had agreed to buy it for $2.6 billion. RIL gas production plan under threat as expats refuse to return Travel advisories issued by some countries in the aftermath of Mumbai terror attacks have seen several expats refusing to return to work on the D6 project. ONGC Videsh to borrow $1 bn in rupees from Indian banks ONGC Videsh is likely to borrow the equivalent of $ 1 billion in rupees to part-fund the buyout of Imperial Energy.
Terror attack casts shadow on RIL natural gas production The Mumbai terror attacks may derail Reliance Industries' plans to start natural gas production from its eastern offshore D6 field from January 2009, as several ex-pats have refused to return to India citing safety reasons.
CRISIL offloads 90% holding in Gas Strategies Group CRISIL has offloaded 90 per cent of equity in its UK subsidiary, Gas Strategies Group Ltd, to the management team of the company. CRISIL will retain a 10 per cent shareholding in the company.
ONGC forced to go ahead with bid for Imperial State-run Oil and Natural Gas Corp reluctantly went ahead with its high-priced bid for Russia-focused oil company Imperial Energy on Tuesday after losing its appeal to delay the process.
OVL submits open offer for Imperial Oil & Natural Gas Corp?s (ONGC) overseas arm ONGC Videsh (OVL) on Tuesday announced cash offer to acquire Imperial Energy at the agreed price of 1,250 pence-a-share after getting the go-ahead from the Cabinet committee on economic affairs (CCEA). OVL to go ahead with the acquisition of UK-listed Imperial Energy <p>The $2.1 bn deal will be one of the bigger deals by ONGC in recent times. The deal will help India improve its energy security. <a href="http://economictimes.indiatimes.com/articleshowpics/3798032.cms" target="_blank"><b>Largest refining cos</b></a> | <a href="http://economictimes.indiatimes.com/articleshow/3798185.cms" target="_blank"><b>Revised fuel prices</b></a></p>
Government allows OVL to go ahead with Imperial bid The government on Tuesday allowed state-run oil company ONGC Videsh Ltd to make a formal offer for acquiring 100 per cent equity in UK-listed Imperial Energy for 1.4 billion pounds. RNRL criticises govt for fixing RIL?s KG gas price Anil Ambani?s Reliance Natural Resources (RNRL) has strongly criticised the government for fixing the selling price of gas from Reliance Industries? (RIL) Krishna Godavari (KG) basin at $4.2 per million metric British thermal unit (mmbtu).
OVL open offer for Imperial Energy on Tuesday ONGC Videsh Ltd (OVL), the overseas investment arm of India's biggest oil explorer ONGC, will go ahead with its planned $2.1-billion purchase of Imperial Energy. ONGC not seeking further delays in Imperial bid ONGC has abandoned efforts to delay its acquisition of British oil explorer Imperial Energy and accepts it must send an offer document by midnight Tuesday. ONGC may seek fresh Cabinet nod to acquire Imperial Energy Oil & Natural Gas Corporation may need fresh Cabinet approval for acquiring UK-listed Imperial Energy Plc as fall in international crude oil price had drastically brought down the returns on the 1.4 bn pound investment. Fire in Reliance oil refinery in Jamnagar Fire broke out today in a plastic waste pit at the Reliance oil refinery was brought under control by the fire officials. RPL to commission Jamnagar refinery by March Reliance Petroleum Ltd, a unit of Mukesh Ambani-run Reliance Industries, may fully commission its 580,000 barrels per day only-for-exports refinery at Jamnagar in Gujarat by March. Petrol to cost Rs 5 less; diesel cheaper by Rs 2 The government slashed prices of petrol and diesel by Rs 5 and Rs 2 a litre, respectively. Chevron seen certain to drop Reliance stake <p>The US oil major has until June to decide whether or not to increase the 5% share it bought in Reliance Petroleum. <a href="http://economictimes.indiatimes.com/articleshowpics/3798032.cms" target="_blank"><b>World's largest refining cos</b></a> | <a href="http://economictimes.indiatimes.com/articleshow/3798185.cms" target="_blank"><b>Revised fuel prices</b></a></p> RIL's refining margins under pressure as input costs rise RIL is facing an erosion in its gross refining margins, the difference between the value of finished products and the raw material costs, in some of its products.
ONGC to hire three high-speed vessels for offshore security State-run Oil and Natural Gas Corp today said it would hire three high-speed armoured vessels to safeguard its offshore oil installations from attacks in view of last week's terror carnage in the city.
India Inc happy with fuel price cuts, wants more Welcoming the government's decision to reduce prices of petroleum products, India Inc today said there is scope for further cuts as crude oil prices in the international market have dropped from about $147 to less than $43.
List of revised fuel prices The following are the revised prices in rupees of petrol and diesel in the four metros effective midnight. Prevailing prices (Rs/litre) are in parenthesis.
Govt cuts petrol, diesel prices <p>Prices of petrol has been reduced by Rs 5 and diesel by Rs 2 a litre. <b>Gainers: BSE</b> <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A§orid=0&frequency=daily&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go" target="_blank"><b>(A</b></a>, <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B§orid=0&frequency=daily&exchangeindexid=0&pagesize=30&isgainer=true&pagenumber=1&Go=Go" target="_blank"><b>B</b></a>), <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=§orID=0&exchangeindexid=0&frequency=daily&isgainer=true&pagesize=30&pageNumber=1" target="_blank"><b>NSE </b></a> | <b>Losers: BSE</b> <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=A§orid=0&frequency=daily&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go" target="_blank"><b>(A</b></a>, <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=47&exchangegroup=B§orid=0&frequency=daily&exchangeindexid=0&pagesize=30&isgainer=false&pagenumber=1&Go=Go" target="_blank"><b>B</b></a>), <a href="http://economictimes.indiatimes.com/marketgainerloser.cms?exchangeid=50&exchangegroup=§orID=0&exchangeindexid=0&frequency=daily&isgainer=false&pagesize=30&pageNumber=1" target="_blank"><b>NSE</b></a> | <b>52 Week:</b> <a href="http://economictimes.indiatimes.com/fiftytwoweekhighlow.cms?exchangeid=47&exchangegroup=&exchangeindexid=0§orid=0&ishigh=true&pagesize=30&pagenumber=1" target="_blank"><b>High</b></a>, <a href="http://economictimes.indiatimes.com/fiftytwoweekhighlow.cms?exchangeid=47&exchangegroup=&exchangeindexid=0§orid=0&ishigh=false&pagesize=30&pagenumber=1" target="_blank"><b>Low</b></a> | <b>Sectoral: </b><a href="http://economictimes.indiatimes.com/articleshow/3376833.cms" target="_blank"><b>Gainers</b></a>, <a href="http://economictimes.indiatimes.com/articleshow/3376856.cms" target="_blank"><b>Losers</b></a></p>
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Fuel For Thought By J Square Humboldt I see the following call to arms over high gas prices in the USA is making the rounds again ...
Here's a message I received recently from someone I know, who felt the need to transmit it to their entire e-mail address book:
GAS WAR-- An Idea
"This was originally sent by a retired Coca Cola executive. It came from one of his engineer buddies who retired from Halliburton. It 's worth your consideration.
"Join the resistance!!!! I hear we are going to hit close to $ 5.00 a gallon by next summer. Want prices to come down? We need to take some intelligent, united action.
"Phillip Hollsworth offered this good idea. This makes MUCH MORE SENSE than the 'don't buy gas on a certain day' campaign that was going around last April or May! The oil companies just laughed at that because they knew we wouldn't continue to 'hurt' ourselves by refusing to buy gas. It was more of an inconvenience to us than it was a problem for them. BUT, whoever thought of this idea, has come up with a plan that can work. Please read on and join us!
"By now you're probably thinking priced at about $1.50 is super cheap. Me too! Now that the oil companies and the OPEC nations have conditioned us to think that the cost of a gallon of gas is CHEAP at $1.50-$1.75 and the price of going up more each day, we consumers need to take action. The only way we are going to see the price of gas come down is if we hit someone in the pocketbook by not purchasing their gas! We can do that WITHOUT hurting ourselves. How?
"Force a price war:
"For the rest of this year, DON'T purchase ANY from the two biggest companies (which are now one), EXXON and MOBIL. If they are not selling gas, they will be inclined to reduce their prices. If they reduce their prices, the other companies will have to follow suit. To have an impact, we need to reach literally millions of Exxon and Mobil gas buyers. However, it's simple to do! Now don't wimp out on me at this point...keep reading and I'll explain how simple it is to reach millions of people!!
"I am sending this note to 30 people. If each of us sends it to at least ten more (30 x 10 = 300) and those 300 send it to at least ten more (300 x 10 = 3,000) and so on, by the time the message reaches the sixth group of people, we will have reached over THREE MILLION consumers.
"If those three million get excited and pass this on to ten friends each, then 30 million people will have been contacted! If it goes one level further, you guessed it: THREE HUNDRED MILLION PEOPLE!!!
"Again, all you have to do is send this to 10 people. That's all!
"How long would all that take? If each of us sends this e-mail out to ten more people within one day of receipt, all 300 MILLION people could conceivably be contacted within the next 8 days! Acting together we can make a difference.
"If this makes sense to you, please pass this message on. I suggest that we not buy from EXXON/MOBIL UNTIL THEY LOWER THEIR PRICES TO THE $1.30 RANGE AND KEEP THEM DOWN. THIS CAN WORK.
"Xxxxx Xxxx, Research Coordinator"
This has been attempted before, and it's never been successful. The basic reason is that the USA is a country with a very diverse populace. Any attempt to get an effective number of them to abide by the discipline such a plan would require is simply impractical.
However, that's not the point I want to make. I contend that these people are missing the real point:
Why can't the American public accept that the issue isn't high gas prices, but their stubborn subservience to gasoline?
The obvious answer is that is the established and easiest facilitator for personal transportation. And, as long as those facts remain, the Americans' habits will remain, as well.
Placed in a global perspective, $5.00 for a gallon of gas is not unusual. The difference is that the rest of the globe has accepted lifestyle adjustments and moved on to other issues.
One of the simplest of those adjustments to make is changing the location of the workplace. Move it from an office to home!
Cyberspace can make decentralization much more efficient. Some Fortune 500 companies began to embrace the concept over a decade ago. Bank of America, for instance, allows many of their executives to utilize a home-office relationship. Clearly, not every job allows its worker to perform at home, but there are enough that do. The effects would be subtle, but significant. For example, if even 20% of the vehicles in a commute were removed from the road, traffic congestion would be eased. That, in turn, would allow for better mileage in the vehicles that wouldn't be stuck in idling or stop-and-go sequences. That saves gas and reduces demand.
As e-commerce continues its relentless drive
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toward mainstream acceptance, numerous shopping trips can also be reduced. Cyber-meetings also are very possible now, and they can accommodate the sharing of documents. Even cyber-schooling could be expanded; Sweden has been operating a cyber-curriculum for the youth of its citizens abroad for years, which is a great way for its culture and high academic standards to be provided to those who work elsewhere.
So, any attempt to target Exxon --- or British Petroleum or Elf or Shell --- is Quixotic. Target yourself instead. You'll surely get much better mileage out of your time. You'll also probably notice an improvement in your monthly budget. In the bigger picture, as well, it's a simple plan which relies on simple market forces, ie- less demand lowers prices.
Small strategies are what win the wars. In this one, open your battlefront in cyberspace. J Square Humboldt is the featured columnist at Longer Life's website, which provides information designed to improve the quality of living. He's at longerlifegroup.com/cyberiter.html
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