By Ahmad Faraj, KUNA,
Kuwait : National Assembly elections 2008’s campaigns referred to the economic state in the country, highlighting the record high prices of Kuwaiti crude, and the effects on the Kuwaiti people’s living standards.
The discussion on economic worries in the country has lead to the reference to the price of Kuwaiti crude, which exceeded the USD 100 per barrel mark, questioning its effect on the Kuwaiti economy.
In every campaign seminar, the price of Kuwaiti crude is mentioned, as it is a major indicator of the economic conditions and the level of the citizens’ living standards. Some candidates have called for the increase of salaries as a regular procedure, warranted in shadow of the increasing oil revenues, whereas others call for investing the income surplus in developing the country.
A batch of candidates called upon the government to invest oil revenues in Kuwait and abroad, others urged for solving problems resulting by the increase in food prices. And several candidates reviewed numbers and statistics analyzing the state budget and its relation to oil prices.
Kuwait is known for depending on oil as the number-one source of income. During the previous fiscal year, the total state revenues recorded USD 69 bln, USD 65 bln of it from oil revenues (94.2 percent).
The total surplus recorded USD 42 bln, and a record surplus was forecast this year as the price of oil stood at USD 70-80 per barrel.
Kuwaiti crude price recorded the highest yesterday, reaching USD 107.3, an increase of 2.91 percent from last week.
During the current month, oil prices hit record hikes around the world.