Tuesday, May 20, 2008

It might be a bright idea to pick up that bicycle before the government decides to pass some of the oil burden down to the consumers

The sky-high fuel prices have achieved what the 'Earth Hour' could not. The later may have been reduced to a hour-long euphoria, but the fuel prices are reducing global warming. They are actually forcing people to cut the energy consumption on a sustainable basis.

Let’s begin with the US. With the cost of fuel and power for public transportation increasing three fold in four years, meeting the greater demand for mass transit is proving difficult for the US administration.

Interestingly, this has made the US people turn towards the most environment-friendly transport - bicycle.

But with India the story is a little different. The huge oil subsidies are still preventing Indians from feeling the heat of the boiling crude.

With the Indian basket of crude staying above $100 a barrel mark, the Petroleum Ministry has projected a revenue loss of about Rs 1,50,000 crore on fuel sales this fiscal.

And the losses incurred by state-run firms on fuel sales further widened to over Rs 500 crore per day, with the price basket of crude oil that country imports crossing an all-time high of $110 a barrel.

So, it might be a bright idea to pick up that bicycle before the government decides to pass some of the oil burden down to the consumers - not just to save the oil retailing firms, but for a greater cause of saving the earth from global warming!
The Economic Times

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