The country that won the lottery - so to speak - and blew it
Cat calls and jeers for the leaders of Indonesia:
"Indonesian President Susilo Bambang Yudhoyono said yesterday that Indonesia was considering quitting OPEC because it is no longer a net oil exporter....The country is Southeast Asia’s only OPEC member. But it has to import oil because of decades of declining investment in exploration and extraction because of corruption and a weak legal system that makes oil companies wary of doing business there". Source
Meanwhile, "Oil set a new record high of $122 a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months". Source
"Indonesian President Susilo Bambang Yudhoyono said yesterday that Indonesia was considering quitting OPEC because it is no longer a net oil exporter....The country is Southeast Asia’s only OPEC member. But it has to import oil because of decades of declining investment in exploration and extraction because of corruption and a weak legal system that makes oil companies wary of doing business there". Source
Meanwhile, "Oil set a new record high of $122 a barrel on Tuesday, the latest spurt in an advance that has seen prices double over the past 12 months". Source
Labels: business, Sane economics, South East Asia, the badness of government
This entry was posted
on Wednesday, May 07, 2008 at 1:41 pm.
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How interesting that Indonesia is a member of OPEC and Malaysia is not. The oil is on the island of Borneo, half of which island belongs to Indonesia and half to Malaysia.
It seems an odd group of countries. Britain and Norway don't belong. I don't know whether the US uses all its oil domestically, but it doesn't belong. Surely Canada must export oil, but they don't belong either. And neither does Mexico - and half the rigs out in the Gulf of Mexico belong to Mexico. So the whole of N America not a member.
Weird.
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