
U104-A 3-phase Connection
This type of meter is used to fuel dispensers for measurement of pressurized oil.
Materials:
Body: Aluminum (Spray-Painted)
Package:
Net Weight:
1.7kg/case of 1
Gross Weight: 1.9kg/case of 1
Dimension: 36x15x15cm/case of 1
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take measures to reduce its surplus. But are they heading to
the right place? At the global level, the biggest counterpart to America s deficit is the
combined surpluses of the oil-exporting emerging economies. They are expected to run a
total current-account surplus of some $500 billion this year, dwarfing China s likely
surplus of $200 billion (see chart).
Counting only the Middle East oil exporters, the surplus has surged from $30 billion in 2002 to an
estimated $280 billion this year. One reason why this gets much less attention than the smaller $160
billion increase in China is that only a fraction of it has gone into official reserves, which are publicly
reported. Most of it is stashed in government oil-stabilisation or investment funds, such as the Abu Dhabi
Investment Authority, which are much more secretive than the People s Bank of China—but which
probably hold just as many dollar assets.
One big difference is that China is now allowing the yuan to rise against the dollar. The exchange rate is
up by an annual rate of almost 7% since September. In contrast, the six members of the Gulf Co-
operation Council, or GCC (Saudi Arabia, United Arab Emirates, Kuwait, Bahrain, Oman and Qatar), which
account for virtually all of the Middle East s surplus, still peg their currencies firmly to the dollar. This is
partly in preparation for the GCC s plan t fuel dispenser o adopt a single currency by 2010. But the bizarre result is that
over the past four years of soaring oil prices, their real trade-weighted exchange rates have fallen.
The Gulf economies are running an average current-account surplus of 30% of their GDP, well in excess of
China s surplus of 8%. Oil exporters cannot spend their windfall overnight and it makes sense for them to
run a surplus when oil prices rise, as a buffer for when oil prices fall. Even so, one can have too much of a
good thing.
It might be best for the Gulf states as well as the w fuel dispenser orld economy if they abandoned their dollar pegs and
shifted to some sort of curre fuel dispenser