Just in case you missed it
China bit the bullet yesterday and said it will increase gasoline and diesel prices by 1,000 yuan a ton. At first glance that may not seem overly significant. However the government there have up until now been insulating the populace from the soaring price of oil, which of course isn't going to ration demand. They have finally said enough is enough and that they can't afford to keep subsidising gasoline at the rate that they have been. This follows the lead set by India, Indonesia, Malaysia & Taiwan who have all hiked their countries fixed fuel prices recently. Once these increases filter through to the masses consumption will inevitably fall. Bring it on.
