Saturday, July 2, 2011

Editorial, ROILING OIL' in LAW ANIMATED WORLD, 30 June 2011 issue, Vol. 7, Part 1, No. 12

is really foiling all the prospects of a fair living for the vast masses of our country, and the too obvious incompetence of the governments at the helm to control the same that comes in the wake of the worldwide decline in the prices of crude oil naturally points out to corruption and other vices also contributing to the gruesome decisions of the Central Government to go on increasing the prices of oil commodities. When Oil prices fell from the peak $145 in July 2008 to $17 in January 1999 and then rose to $90 by October 2007 and to more than $140 in July 2008, but again started falling down, and on 24 June 2011 The Hindu Business Line reported a further dip to about $90 dollars, the tail-end consumers here are getting no relief at all in all these fluctuations. The prices of petrol, diesel, etc. are being constantly increased; the very recent steep increase in the prices of diesel, kerosene and cooking gas is indeed a “cruel blow struck at the people.” The entire energy sector in our country is mainly a public sector monopoly though in recent decades private sector is also being allowed some space. As such the State has more responsibility and cannot leave things to the so-called free market, especially when a prime part of the price structure is its heavy taxation. It should ensure reasonably low and fixed prices, not to be disturbed for long periods, to all these essential oil commodities. It should tax the corporate rich heavily, strictly curb conspicuous consumption, economize government consumption and adequately subsidize the common consumers. There should be an Oil Prices Regulatory Authority [on the lines of Electricity Regulatory Authority] where people can complain and pressurize at every step to get economical and reasonable prices. Finally, realizing that all these non-renewable fossil fuels are getting fast depleted, but meanwhile are polluting the earth and atmosphere causing an almost irreversible eco-damage, the governments and the peoples should take initiative in switching over quickly to renewable sources of energy like solar power, wind power, etc. and take effective steps to innovatively develop these sectors to provide cheap and clean energy §§§