- Worlds Crude Oil production is nearly 85 million barrels a day
- Worlds Crude Oil Consumption is nearly 87 million barrels a day
- India consumption is 2,450,000 barrels a day
- 70% of this is imported
- When last reported Oil Bonds for Indian Oil-Companies were touching 200,000 crores rupees. (ie Rs 200000000000000)
- The debt of the India government was over Rs 2,45,000 crores due to explicit & implicit subsidies
- This subsidies are actually comprised by the taxes that many Indians (myself included) have grudgingly paid from their salaries & other forms of indirect taxation
- Indian Oil companies buy oil at the high rates & the Oil-Exporting countries make the windfall
- Abdallah Salem el-Badri is the current General Secratary of OPEC the world's oil-producers cartel
- Ali al-Naimi is the Saudi Arabian Minister of Petroleum & Mineral Resources. He was the previous GS of OPEC
Ok i guess you have got the drift.
Few points about this post.
- The topic was my frugal attempt to sensationalize
- I would not go into the controversy that the fuel prices in India are already high from the taxation
- I really wish public transport is immensely bettered (time, comfort, regularity, frequency)