Top

We should look for alternate oil sources

We should look for alternate oil sourcesWe should look for alternate oil sources
Highlights

With the respite from the US sections in importing oil from Iran are going to be over by May 2, the eight countries that enjoyed the benefit...

With the respite from the US sections in importing oil from Iran are going to be over by May 2, the eight countries that enjoyed the benefit including India have to face the oil woes.It is very unfortunate for the country like India which depends 80% of its oil requirement on imports. Especially Iran is the third among the countries from which India imports oil.

Not only that Iran is extending some concessions like payment of oil bills partly in rupees. So that India was able to reduce its current account deficit some extent. Now the US wants to bring down oil exports from 25 lakh barrels per day to zero level. Under these circumstances how India could mitigate this oil crisis as it was importing 2 lakh barrels of oil from Iran daily.

Really it is a death blow to oil market in India as the poorest of the poor have to bear the cost escalation due to upward trend of oil prices .Moreover the US has made it clear that Indian companies that continue to import oil from Iran would face severe secondary sanctions including being taken out of the SWIFT International banking system and a freeze on dollar transactions and US assets.

So sourcing oil from Iran is unviable. Thus, it is time for India to explore oil alternatives like going for electrical mobility so that we can not only save hard earned foreign exchange reserves but also doing a great benefit to the environment. Otherwise we have to fight with the US like China to protect your sovereignty.

-Pratapa Reddy Yaramala, Tiruvuru

Show Full Article
Print Article

Download The Hans India Android App or iOS App for the Latest update on your phone.
Subscribed Failed...
Subscribed Successfully...
Next Story
More Stories