Now that’s not something common for oil giants to be happy about, burst pipes that lead to production. They normally dread at such failures for they entail millions if not billions in lost revenue but this time round, these guys are happy that something did break. The failure is projected to raise fears about the supply of the precious black liquid we have so depended on for a long time and oil magnates controlled, thus allowing them to again keep tabs on its price.
Previous months had OPEC and many other oil producing nations worried for their projected output was so much but the recession has forced many to stop using cars thus lessening demand for gas and other petroleum products. This lessens the amount of oil(OPEC has cut production to raise prices artificially) ready available for processing into the many derivatives we simply cannot live without. The problem happened somewhere in Nigeria, where a burst pipe caused a closure of a processing plant that supplies some of the world’s oil supply allowing prices to raise by as much as a dollar after steadily falling for a couple of weeks even with production caps. Less cars on the roads means less consumption which worried those who controlled the oil fields as they stand to lose a lot of cash if the slide continued.
That’s the irony of this life, turning tragedy into opportunity as a failure results in a success story of inflating one of the world’s most traded and used commodities. Good for them! What about us mere users of your products, don’t we get a break?