Every time oil price increases in the world market, poor countries are the one directly affected, so much so that the purchasing power of the ordinary people subsequently downgraded. Often, basic needs of ordinary people gradually changes when oil prices – prompted by oil cartel price manipulation – hit the market overnight. The Philippines, where most of the population are considered poor and lived below poverty level, cannot cope with the ever changing times especially when their basic necessity unnecessarily affected by oil price hike.
The domino effect of oil price hike causes much pain to the masses because industries, transport sectors and other companies that use oil to keep their operations going usually passed the burden to the public. Only recently, oil price hike jolted the Filipino people as oil companies reacted to the new oil price in the world market, prompting all businesses to adjust their prices. In effect, the lowly food of the masses popularly known as pan de sal or salted bread, has jacked up its price to the dismay of many.
In all of these hardships that the world’s poor are experiencing every time oil price increases, alternative energy sources should be pursued and be given priority by the countries addicted to middle east oils and other oil producing countries. Time is of the essence and that actions must be taken with firmness and resolve to put to a stop the oil price manipulation of oil exporting countries.