Gas prices aren’t only increasing in the United States, and
Americans aren’t the only ones upset about it. CPC Corp, Taiwan just raised the
prices of gasoline and diesel fuel by an average of 10.7% yesterday. This is
the most extreme increase in almost four years. This decision was the result of
a decision made by the Ministry of Economic Affairs on Sunday to remove the cap
on fuel price increases. This move led to increased tension with the Democratic
Progressive Party (DPP), who countered by saying that the CP should have made
their decision after reviewing high personnel costs and disclosing its oil
purchasing contracts. These increases in fuel prices can be significant because
potential increases in electricity and water costs combined with this increase could
lead to more inflation. It is also frustrating to many Taiwanese because 46% of
all CPC employees receive an annual salary of at least $33,900, which is pretty
large in Taiwan. I found this article to be interesting because I had never
thought of how other countries feel about increasing fuel prices. It expanded
my appreciation of how interconnected various countries of the world really
are.
3 April 2012
Josh Thompson
i think its nots how much of the economy is controlled over fuel. its like a drug that we are all addicted to and cant beat.
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