China Cuts Gas Subsidies - Oil Price Down
 

China's going to cut the fuel subsidies that have insulated the Middle Kingdom from rising gas prices and will increase retail gasoline and diesel prices by 1,000 yuan ($145.31, ?93.89) a ton starting Friday. Dow Jones Newswires reported the news citing a Reuters story.

Oil is down about 2% today. Still a ways to go but it is going down (for now).

http://www.marketwatch.com/news/stor...7D&siteid=bnbh

good to hear that :)

That equates to about a $0.50 (€0.33) price hike per gallon. Pretty stiff.

that's good news

This may not necessarily be a good thing for the economy...The price increase will just be passed on elsewhere.

Thats good news. But until the speculators are controled things aren't going to correct.

Good news!!!

Drill Here, Drill NOW...before its to late....