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Thursday, July 26, 2007

Drastic measure

Is is a bit strange that although Iran is no.2 oil producer in OPEC, it seems that it has low supply of it in its own country.

Gangs of youths torched petrol stations and long queues developed at pumps in Tehran after the Iranian Government announced the start of fuel rationing, causing the kind of violent protests rarely seen in the Islamic Republic.

In the past, cheap pump prices have encouraged such widespread consumption that, despite its huge oil production rate, Iran has ironically been forced to spend billions of dollars each year importing petrol.

More on Times Online

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