IT’S time Malaysians received a reality check on oil. Despite yet another hike in the price of petrol and diesel by 10 and 20 sen respectively on Aug 1, consumers in this country still undervalue a resource that is depleting, takes years to flow from the oilfields to the petrol pump, and requires millions of ringgit to explore, extract and process.
To be sure, oil prices have softened to just above US$60 after a barrel of West Texas Intermediate hit a record intra-day high of US$62.50 on Wednesday. Despite softer prices, most analysts believe the trend is still northwards. Investment bank Goldman Sachs, for one, has predicted oil could hit US$100 per barrel.
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