After the eruption of social protests in Northern Africa and the Middle East spreads, there are serious repercussions in the rest of the world. We are indeed living in a “global village” as Marshall McLuhan used to say.
Among Arab countries feeling the contagion of the freedom fever are Tunisia, Egypt, Libya, Yemen, Bahrain, Morocco, Iraq Jordan and Algeria. I’m sure others will follow suit. Winds of democracy are blowing over the desert dunes.
The turmoil in Libya continues to wreak havoc across world energy markets. Oil resumed their rise yesterday, as the violence edge closer to Libya’s infrastructure. The whole country is fraught with deathly violence and Gaddafi is digging its heels promising to stain the desert’s sand with blood.
The ripples of the Middle East have affected our country as well. For the last two weeks the prices of fuel have been climbing steadily. Before Carnival, there was a hike of ten cents per gallon in the prices of light diesel and gasoline. Now the next prices increase is $0.35 per gallon. As a barrage of shells and bullets descend upon Libya’s cities and towns under rebel’s hands, the cash register in our gasoline stations in Panama are ringing.
Below are the current prices of light diesel oil and gasoline. Next Saturday, March 12, 2011, the prices will be $0.35 higher.
- Light Diesel Oil, a.k.a Gas Oil: $3.45 per U.S. Gallon. Next Saturday the price will be $3.73.
- Regular Gasoline (91 Octanes): $3.41 per U.S. Gallon. The new announced price will be $3.75.
- Premium Gasoline (95 Octanes): $3.56 per U.S. Gallon. Next week the price will hike to $3.91.
I strongly suggest you tune up your motor and keep the air pressure of your automobile’s tires up to specifications. Scheduling and planning your routes and selecting the shortest and least congested streets will also avoid unnecessary waste of fuel. It seems we are again teetering on the brink of a global fuel speculation spree. Ouch!
Current fuel prices at an Exxon service station in Panama City, Panama. Photo ©Omar Upegui R.
Today, 3/14, I just paid $3.49. I did hear that oil’s down to $99-something per barrel, but there’s bound to be more fluctuation, especially with events in Japan added to the mix. The issue there isn’t refining capacity, of course, but general nervousness and anxiety.
Only my sparrows seem happy – their bread crumbs are still free!
Hello Linda:
The commodities markets do no reflect the prices the way it used to be in the good ole days; meaning Supply and Demand. Now its pure speculation based on rapacious greed.
We are getting ready for prices exceeding $4.00 a gallon. I hardly use my automobile nowadays; only for mandatory trips to the doctor, supermarket, drugstores, and other trips of this sort. Fortunately all of these places are nearby.
Thank you for your comments,
Omar.-