Thursday, June 05, 2008

Enjoying Your Economics?

Protests broke out in India and Malaysia on Thursday as consumers reacted angrily to sharp fuel price hikes that could undermine governments in both countries.


With global oil prices soaring, authorities in the two countries said a day earlier they were slashing fuel subsidies that were draining government coffers.


In Malaysia, gasoline pump prices jumped 41 percent overnight and diesel prices surged a stunning 67 percent.


The gasoline price hike in India, the second this year, was smaller - about 11 percent in the capital, New Delhi - but will still weigh on consumers. India also raised prices on diesel and cooking gas.


The most pronounced protests were in India's West Bengal state, where schools and businesses were closed and flights and trains canceled. Shops were also shuttered and roads emptied in the southern state of Kerala, with protests also reported in the central city of Indore.


India's communist parties, which control both Kerala and West Bengal, have called for a week of protests across the country, saying import duties on oil should be further cut instead of raising retail prices.


In Malaysia, long lines of vehicles formed at gasoline stations overnight to fill up before midnight when the new pricing came into effect, and brawls broke out as some motorists tried to cut in line.


Guess what guys? When you have anti-American rallies calling for our deaths, don't expect us to come helping you out. Enjoy your new found economic downturn.


Travis


travis@rightwinglunatic.com

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