My dear...The US is not panicking over fuel cost hike.US is the only party which wants the Oil price to increase as they have oil locally (Texas) and they control Kuwait and Iraq which aall 3 together form 70% of the Oil producering country. The reason is they want to cover their War expense in Iraq which nobody(Gulf countries) has shared with them .Their earlier venture in Gulf to free Kuwait from Iraqi invasion was funded.
US is trying to fool the world by saying that the demand for Oil has increased in India and China but can they justify Why for 1% increase in demand there is incrrease of 20% in fuel price. The second problem is the Specu;ators who are rigging the price just as the SENSEX.
