Tuesday, December 21, 2010

And they say boycotts and embargoes don't work!

This from the New York Times:

Gas Prices Soar in Iran as Subsidy Is Reduced
Published: December 19, 2010

TEHRAN — Gasoline prices nearly quadrupled on Sunday and the riot police guarded filling stations around the capital as deep cuts in subsidies on fuel and other essential goods took effect.
After midnight on Sunday, the price of subsidized gasoline jumped to about $1.44 a gallon from about 38 cents a gallon. Similar increases went into effect for compressed natural gas and diesel fuel, with subsidy reductions for other commodities expected to be phased in gradually.

And this in a major petroleum-producing nation.

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