26 Jun '13, 1pm

Drumbeat: June 26, 2013

Drumbeat: June 26, 2013

CAIRO (AP) — Egypt's embattled government on Tuesday blamed rumors and corruption for an acute fuel shortage that has had drivers waiting in long lines to fill their gas tanks — straining already taught nerves ahead of planned mass demonstrations this weekend demanding the resignation of the president. Four Cabinet ministers lined up in front of cameras inside the presidential palace late Tuesday, trying to calm citizens' fears, as the Islamist government appeared desperate to grapple with successive political and economic crises that are hitting the country, adding to public discontent. Government officials blamed nervous hoarding and black market diversions for the shortages. People are stocking up on staples, including fuel, ahead of the protests. Heavy subsidies on Egypt's fuel have caused distortions in the economy, encouraging some to make quick profits by illegally ...

Full article: http://www.theoildrum.com/node/10055

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