Twitter to blame for rise in oil priceAugust 10, 2012 by: Rituraj Mishra
Twitter and Facebook are not just social networking, they have gone over and above that and it would be no surprise if a religion comes out of these two. But anyways that’s not the point here, we are here to discuss the fact that some posts claim it was Twitter that led to rise in prices from $90,82 to $91,99 per barrel.
Further investigation claims that, an account user, who claims to be the Russian Interior Minister, Vladimir Kolokoltsv had posted some tweets about Syria’s President, Bashar al-Assad being killed. Now Syria is not such a big exporter of oil. But a negative reaction was expected from Iran which eventually led to the price rise.
It’s worth mentioning that something constructive can also be done to bring the prices down, I don’t know maybe a tweet that 1000 oil wells have been found in Nepal. Competition will definitely lead to cost-cutting on fuel prices. We hope something good come out of the all powerful social networking sites.