Prices of petroleum products around the world have been rising at a higher rate in the past year. This phenomenon is precipitated by compounding factors that are beyond the stringent measures of individual importing states to stabilize.
Keeping output low, Saudi Arabia and Russia last week extended voluntary supply cuts of a total of 1.3 million bpd to year-end. OPEC, Russia, and allied producers are known as OPEC+. Russia is under the US-led economic embargos but is exporting to its longtime allies including China and India. They are restricting supply to boost their revenues.
OPEC member Libya shut some of its eastern oil export terminals due to a devastating flood that rocked the country this week, while another member Kazakhstan reduced daily oil output for periodic upgrades of facilities.
Depreciation of local currencies against the dollar is affecting consumer prices. Kenya shilling has lost more than 40% of its value in the last year and the trend is expected to continue as the economy tries to recover.
Stanley Meyer was an American scientist who developed a patenting technical system of fuel cells that uses water to provide energy in 1975. He later used the same technology to build a car that used water to power its engine.
The effects of the Middle Oil embargo, which had led to a shortage crisis in the world, were still considerable. High oil prices forced Meyer to come up with a solution that could have freed us from oil dependency.
That engine used electrolysis to split water to release hydrogen when at the same re discharging oxygen and water residues. Hydrogen further goes through a process to produce energy that can propel that car at a speed of 63 km per hour. It used to consume 1 liter of water every 45 kilometers.
He was poisoned to death a few days after after launching his car. Stanly had complained that oil companies were threatening him to abandon the project because it was going to jeopardize their businesses. He was even offered a great amount of money to kill the evidence of technology but he rejected it.
One week after his death, unknown people broke into his compound and stole the car, along with other instruments….. See More
Current State Of Great Man-Made River That Muammar Gaddafi Built After 2 Dams Collapsed