Thursday July 21, 2005

Indonesia Hit by Petrol Shortages

peakoil.com -> bbc.co.uk :

The oil crisis is hitting Indonesia - one the world's biggest oil producers - as it struggles to end subsidised prices for petrol ... Indonesia is an oil producer, the only member of Opec in East Asia. But a lack of investment in the oil sector over the past decade, coupled with a rapid increase in domestic demand has meant that Indonesia now has to import extra fuel to make up the difference.

Civil servants have been told to go easy on the air conditioning and some street lights in major cities are being switched off. Television and radio stations have been asked to close down overnight (although there is an exemption for European football games!) and ministerial motorcades will be reduced, all in a bid to save power.

But a growing number of economists and business leaders are sceptical that such energy conservation measures will have a major impact. The real issue at the heart of the problem, they say, is the ballooning subsidies the government pays to keep fuel prices low. As oil prices rise, so does the cost of the subsidies ...

See also :

1. Indonesia-Malaysia dispute over oil
2. Malaysia, Indonesia governments cut fuel subsidies
3. Indonesia Becomes A Net Crude Oil Importer

(2005-07-21 21:50:36 SGT) [Energy] Permalink

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