Wednesday, May 16, 2007

Shed a tear for the gas companies

Those poor gas companies

Last week, the average gas price reached 1,532 won per liter, the highest in the past nine months, largely affected by soaring oil prices due to insecurity in Nigeria. In particular, the gas price in Seoul exceeded 1,600 won....

...But the people from the petrochemical industry also said they feel victimized since the average gas price has risen only 6 percent at home in the past five months, when the international oil price has hiked about 24.6 percent.

Maybe they forgot about this:

The nation’s antitrust watchdog fined four leading local oil refiners a total of 52.6 billion won ($56 million) for fixing the prices of their oil products in 2004.
The Fair Trade Commission said yesterday that SK Corp., GS Caltex Corp., Hyundai Oilbank Corp. and S-Oil Corp. colluded on the prices of gas, kerosene and diesel sold at service stations from April to June 2004.
“During that period, their gasoline, kerosene and diesel prices rose by 40 won to 70 won per liter, while crude oil prices rose 20 won per liter,” said Kim Byong-bae, vice chairman of the commission.

Maybe they can figure out a way to run my car on all the tears.