Gimme more ! As we saw with the trade balance (chart here), as soon as the oil prices went down, leveraged by the stupid tax cuts given by Samak’s gvt (for 6 months)… the thais resumed their oil consumption orgy.
First, let’s have a look on the imports of oil (crude and other oil products), volumes (barrels per day) and values (billions THB).
+10 % in volume in august compared to july (although year on year, we have a decrease of 15 %).
Second chart, net imports (because Thailand produces and exports oil). Here we see the real oil bill (imports-exports) the country has to pay.
Let’s enjoy the party ! 
As long as we can.
(source EPPO)
I think Thai do nothing wrong. why not buy more oil ?
at least that way they can get rid of a good pile of toxic US dollars by investing them into something really useful and practical for a country. the rumors of Amero are now circulating not only on net, but even on MSM as well (as CNN). there are also numerous reports suggesting that IMF/ WB and G7/ G20 are conducting “coordinated global action” which is aimed at … creating new reserve currency.
so, yes, I agree : “Let’s enjoy the party ! As long as we can.”
coz it is very likely that it will not be that long…
and why not, could you explain?
and what would you suggest instead – not investing into US real estate I hope ? Thailand does have certain dollars surplus though – so, what to do with it?
Why not buying more oil ?
Why not investing in a real mass transit system instead ?
Thailand has a poor energy efficiency (or high energy intensity if you prefer) : Thailand has to burn more oil to produce one unit of GDP than many other other countries.
http://thaicrisis.wordpress.com/2008/06/08/chart-energy-intensity-thailand-malaysia-germany-france/
http://thaicrisis.wordpress.com/2007/05/30/oil-the-weak-point-of-thailand/
Energy is one the very weak points of the country.
Actually we have been lucky : oil at 140 USD per barrel, on the long term, would have destroyed the economy… Now we are back at 70 USD, the “crisis” seems over… People are happy to resume the big orgy.
But for how long ?
So again, instead of burning all this oil, Thailand should rather invest.
For the capital Bangkok we need a serious electric trains network. And for the country, the national railway system is a total shame and should be upgraded. It’s a huge task, it would cost a lost, but it would prepare the future.
Like americans, Thais are intoxicated by gasoline and oil. Addicted.
As for the dollars, however, I agree : soon the 100 billions USD international reserves of the BOT (but we don’t know the precise amount in USD, and in other currencies) will loose its value.