![]() ![]() Today, under the provisional governing authority of the National Transitional Council, Libya is in the process of restoring its capacity to produce and export oil. Many oil fields were mined, ports were the sites of fierce battles between opposing rebels and Qaddafi forces, and the country’s largest refinery, Ras Lanuf, was shut down. Saudi Arabia spends about $13.3 billion a year to subsidize gasoline and diesel prices, Abdullah Al Shehri, governor of the Electricity and Cogeneration Regulatory Authority, told the Gulf News.ĭuring last year's revolt against the Qaddafi regime, Libya’s oil infrastructure was heavily damaged. As tensions rise over Iran’s nuclear program, Saudi Arabia will have to address an additional challenge as well: How long is the country willing to export 9 million barrels of oil per day, up from January’s 7.5 million, to keep global oil prices from rising even higher? ![]() A cable released by Wikileaks from Riyadh, written in 2008, revealed that senior Saudi officials expressed worry that the country’s reserves may have been massively overstated - by 40 percent. However, the Latin American nation is much less attractive to major oil investors, leaving Saudi Arabia as the world’s largest exporter of oil - now, and for years to come. OPEC recently announced that Saudi Arabia’s proven oil reserves were surpassed only by Venezuela. Venezuelans are likely to continue paying less for fuel than bottled water for years to come.Ĭhristian Science Monitor: Why Gioachino Rossini's music is so funny The last time the government attempted to raise gasoline prices in 1989, riots ensued, and hundreds of people died. His presidency is already threatened by his deteriorating health, providing a unique opportunity for the opposition’s candidate, the telegenic Henrique Capriles Radonski, to replace the ailing leader. But on the higher end of gas prices, even 3% starts to be appealing and 5% is definitely worth it, imo.With elections looming in October 2012, President Hugo Chávez knows that raising gasoline and diesel prices would be a risky move politically. On the lower end of gas prices, I'd say anything less than a 5% card is probably not worth the effort. So, as you can see, as the raw prices get higher, the more you get back as a percentage on the card while the $0.10 spread gets less significant as a percentage savings using cash. Assuming a consistent $0.10 difference and a fill-up of 15 gallons, a few examples would be: There's a breakeven point, taking into account your rewards rate, the actual gas prices, and the difference between cash & credit. ![]() My opportunity cost for using credit is $1.00, but my gain is $2.33. Today, the cheapest gas station near me was $4.39 cash or $4.49 credit. I value MR at 1.3 cpp, so that's an effective 5.2% back. I use my Amex Biz Gold, which gets me 4x back on gas. All the gas stations near me charge $0.10 more per gallon when using a credit card. No promotion of illegal, fraudulent, or nefarious activities No self-promotional content with prior mod approval. No referrals in posts, comments, or private messages. PIN, Signature).Ĭapital One Upgrade Link - Check PC eligibility for your existing card List of credit card company phone numbersĬredit Card Tuneup or CreditIntro to help you find the right cardĮMV CVM Database - Find a card's Cardholder Verification Method list (e.g. Template for Card Recommendation Requests Suggestions, Ideas, and Feedback - Post your suggestions hereĬreditKarma - Uses TransUnion and EquifaxĬreditSesame - May use Transunion or Experian depending on service Official User Flairs Thread - Learn how to customize your user flair ![]()
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