Is Malaysia Gambling With Its Oil Resources?

The MP from Kalabakan in Sabah is on the prowl again, jumping onto the bandwagon on criticism of the government’s petrol hike and allowances cut on ministers.
All seem sincere and with dedication to eradicate wastage and proper suggestion to the government, as what MPs should.
The unfortunate thing is; what will be his motive this time.
In the last episode on Sabah illegal migrants, just a month ago, he was among the first to make hue and cry on the government to do something, failing which under no uncertain term, he may not support the government, so it seemed.
When it came to the gist of it, the MP from Kalabakan was conspicuously quiet and among the group of MPs from Sabah, they were against the formation of Royal Commission. Instead, retrace the old path of parliamentary committee to look into it.
The only difference in this committee is the superlative adjective of ‘high power’.
Something good did come out of this trying exercise. The MPs in Sabah are given additional allowances to line their pockets.
While every citizen is trying to tighten their belts, what can be his motive this time; perhaps the extra Rm400K doesn’t mean that much anymore, when you take inflation into account.

As usual, now we have our attention directed elsewhere. Has the ‘High Power’ parliamentary committee been formed yet? Or is there any attempt at this moment? We are starting another cycle whereby history again, will play itself out. As always being said, Malaysians forget easily.

In another related matter on petrol hike, they were discussion on why Petronas is losing heavily on subsidy as admitted by its chairman.
The record in crude price, it seems is not doing Malaysia any good as suggested by Petronas chairman.
What can be the possible reason, since Malaysia is a net exporter in crude oil.
The chairman also said foreign oil companies are profiting on the subsidy and draining away our money.
This indeed is very strange, as foreign distiller and retailer also have to get the crude from the world market.
The only possible explanation to this is, Petronas could be gambling on our country’s security in oil.
Could they be speculating on our crude price and had committed our production way back at a much lower price? Of course now that the price is at its peak, they will lose out on the difference and thus the difference is something extra that they had lost in their little misdemeanour.
We will never know if such is happening unless there is more transparency and the reasons for it.
If such is true, with our crude committed into the future at a much lower price, the present peak price is inducing worldwide inflation and thus we are doubly caught.

Remember what happened during the financial crisis in 1997?
Malaysia’s dabbling in foreign exchange that had cost us billions; we can only hope such is not happening this time. More important now is do we still have the same people managing our security resources, if those people are still there and with the same mentality, the chance is we would be in the same kind of shit as we had in 1997.