Friday, November 21, 2008 Editorials: Sharing economic gains
THE report the other day that says the price of oil has fallen below $56 per barrel indicates the possibility a “global economic slowdown will hurt crude demand.”
Thus, the Organization of Petroleum Exporting Countries (Opec) is set to meet in December to decide whether to cut or not its oil production.
With this development, the pump price of gasoline per liter should also come down to allow the masses to share the benefits of cheaper gasoline.
This possibility, however, appears unlikely based on previous experience when traders were quick to increase the prices of gasoline but were so slow to reverse the situation when the price of crude slides down.
Fare issue
The same circumstances prevail in fares.
When prices of gasoline rose, fares of public transport immediately increased.
But when the prices of gasoline lowered, transport operators did not show immediate reaction.
They held on to the same economic benefits alone.
Up to this time, for example, the P10 add-on to the taxi fare has remained.
Economic crunch
The recession that hit Japan a few days ago offered stern warning of probable tougher economic global situation still to come.
Japan, it should be noted, is the second biggest economy in the world.
A top Japanese economist predicted that the recession of Japan this time “is not going to be short or painless.”
Similar circumstances face France and Britain.
The Bank of France predicted that the French economy is likely to contract by 0.5 percent during the last quarter, leaving only 0.9 percent as it growth for the year.
Necessity
UK’s employers reportedly forecast “that the number of (its) unemployed could reach to almost three million by 2010,” a condition that also reflects the economic dilemma of many nations in the globe.
But what seems to be important on our part is that those that had a hand, no matter how minimal it is, in handling and guiding our economy through the current
heightening hard times, should also try to look around them and share what good fortunes they could lay their hands on with those who have less in our society.
And not keep it to themselves as if they alone inhabit this republic.
