The Oil Leaps!
By the Editor

WHILE the trend of price index of items of daily use stays skyrocketing hysterically – the cost of oil continues to rise – posing perils to the peoples almost the world-over.

Of-late, the price of oil in the international market has gone beyond $ 135 a barrel with indicator to leap more – a phenomenon, which is bound to add on to the unabated miseries – not only of the middle or lower-middle class – but by and large also for quite a lot of the well-offs.

The reason is obvious. Every thing moves along with wheel – the vital source of all types of mobility – which requires fuel to persist.

And, when cost of fuel – explicitly oil and gas – would start jumping non-stop, the prices of all items which are needed by humankind to survive – would increase beyond the reach of almost every-one.

Seemingly, the surge would go on with for an imprecise period and the prices might settle at a level where most of the economies of the world would find themselves – no where except in deep dilemma and impasse.

No-doubt, the industrialized nations or countries with enormous surpluses in the balance of payments have the skill to absorb the shock but countries like Pakistan have already started feeling the scorching heat of this blazing tendency.

The trade deficit of Pakistan has already reached near $18 billion mostly because of oil imports.

Such an awful state of affairs would become shakier if price of oil intensifies – any more.

Since, Pakistan has limited monetary resources and negligible potential of export to cope with such a perilous setting – the authors of the upcoming national budget – are in a fix as – what to do to minimize the likely unfavorable impact.

Amid such a situation – as a short-term step the development budget appears to be the victim of the new observable-fact.

Nevertheless, at the same time – the policy-makers shall have to get ready for medium and long-term measures to brace the challenge – which overtly rest ahead.

Hence, new policies are ought to be devised in a way which could reduce dependence on oil. Simultaneously, efforts are required to be accelerated to make use of coal.

At the same time, the people in power shall have to exploit vast potential of alternative energy resources. This would require investment on manpower and research to develop local capability to meet the challenges.

While suggesting such measures – we feel optimistic that the nation would also supplement the efforts to cope with the quandary of oil – and would exercise optimal economy in the use of oil and gas – at least till the time the global scenario gets painless.

With a loyal approach – why not to save energy by minimal use of oil and gas and make best use of diverse kind of public transports – as is done by people –irrespective of ones’ status or stature – in most of the affluent nations – phrased as the developed world?

As we look at the milieu – all types of current crisis can be trounced – if nation-wide campaign is launched by peeling luxurious cars and alike vehicles, minimum use of gas and power – both in public and private sectors – as well as a vibrant economy drive – to open enormous vistas for a self-reliant and affluent Pakistan.●