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Is the Current Economic Crisis Fuelled by Fuel Prices??

Created by : Sharad Verma, Product Development Manager, Reliance Petroleum  | 11 26 2008 08:52:27 +0000
Industry : Oil & GasFunctional Area : Global Business(Strategy & Execution)
Keywords : Financial Crisis Crisis Inflation Credit Crisis Current Economic Crisis Global Crisis Fuel Price Fuelled
Activity:  232 views;  last activity : 07 06 2010 20:18:09 +0000
The financial crisis which we are seeing, the worst of all time, which is affecting all the developed countries and the emerging nations all over the world, due to which there is inflation which is at all time high and it is becoming harder by the day for a common man to weather out this situation, Many say that the crisis which has happened is caused by banks and various other factors, but don't you think the Increase in fuel prices like anything was one of the major factors or the sole reason leading to this crisis, So what do you think, was the Crisis fuelled by Fuel prices?? do share your views on this......
  
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No i don't agree with  Sharad here, the crisis was not fuelled by fuel prices but mainly by the major financial institutions and Banks, The current credit crisis which is affecting the US and all other nations certainly has a major cause in too much credit being served by banks and financial institutions, So according to me this led to the financial crisis than the rise in the fuel supply....
By Nitin Kataria, Product Development Manager, ONGC  11 26 2008 08:54:24 +0000
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Yes i agree with sharad here, the economic crisis is purely created by the increase in the fuel prices. The present high levels of fuel prices which was 120 dollars a barrel has no relation to the cost of production. The fuel prices are purely market driven due to concerns over future supply exceeding demand. So for that matter a solution to the credit crisis is  to reduce demand for oil and increase production. When the supply exceeds demand surely the prices will fall. Demand for oil is increasing worldwide both from western countries and the emerging dominant nations like India and China while production is not increasing at a rate to meet the increased demand. So increase in fuel price was a major factor according to me.
By Deepika Agrawal, Product Development Manager, ONGC  | 11 26 2008 09:01:12 +0000
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According to me yes the Humongous increase in the fuel price was the one which led to financial crisis now, because Fuel and energy costs are a part of every product and service, and in recent times fuel costs have escalated to absurd proportions.

Reduce fuel costs and the consumer benefits from lower costs in petrol, diesel and by doing this business costs reduce through lower overheads and cheaper products. As a result demand from consumers can increase in line with increased disposable income and business profits stop heading downhill and confidence returns in the market which is very gloomy right now......
By Sharad Verma, Product Development Manager, Reliance Petroleum  | 11 26 2008 08:52:27 +0000
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Oil is a natural resource one or the other day its going to finish then why not try to find out other means rather than to wait for the last minute. There will be a day when actually the price of oil would reach that high.
So you want general public to face the heat with high in inflation and these agencies had been getting aid from govt. also.
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