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The oil companies pulled yet another fast one over the weekend. They
raised the retail prices of gasoline, diesel and kerosene by P1.50
per liter—effective on the first predawn minute of Saturday when
hardly any of their customers were awake for a quick fill-‘er-upper
Saturday’s was the single biggest hike since
the oil companies began jacking up their prices every weekend this
year. Worse, the oil companies say they are not yet through making
up for their so-called under-recoveries.
Aggravating the woes of fuel consumers in this
country is the steady depreciation of the Philippine peso against
the resurgent US dollar. When the greenback was worth about P40 the
local currency’s strength helped cushion the effects of rising
crude prices in the world market. But with the exchange rate inching
closer to P44:$1, that cushion has begun to wear thin.
The exchange rate at the Philippine Dealing
System closed at P43.88:$1 last Friday. Exporters, OFWs and other
sectors who have been demanding a higher peso-dollar rate are
getting their wish—but the entire country is suffering from the
steady loss of protection from skyrocketing fuel prices, which the
strong peso had provided.
So are we Filipinos—like the rest of the
oil-addicted world—doomed to ever-increasing fuel prices?
In an article posted on the CNN website last
week, Gerri Willis reported that there is a “lot of disagreement
about where oil prices are going for the long haul.”
Goldman Sachs and CIBC World Markets recently
noted that oil could rise to $200 a barrel in the not-too-distant
future, Willis wrote, “but other economists say the run-up in
prices is not justified and won’t continue at the same rate
indefinitely.”
Willis quoted Peter Beutel, an oil analyst at
Cameron Hanover, who said “the price of oil will hit a peak and
will turn lower for a number of years.”
Mark Zandi of Economy.com “also thinks oil
will eventually decline back below $100,” Willis reported, “but
it could take some time.”
The general consensus seems to be that fuel
prices will go even higher before they start showing signs of coming
down—if at all.
The ultimate, long-term solution to rising
gasoline, diesel, kerosene and LPG prices is the development of
alternative sources of energy, preferably of the
environment-friendly type. That, however, is easier said than done.
In the meantime, what can be done?
The idea is to reduce fuel consumption. By
cutting down on the gasoline, diesel, kerosene and LPG we all use,
we not only save on the dollars the country spends to buy foreign
oil and its by-products, we would also help drive down fuel prices.
Assuming, of course, that oil still abides by the law of supply and
demand.
How can we reduce our fuel consumption?
Aside from urging the public to follow the usual
energy conservation tips, the authorities are seriously considering
adopting a four-day workweek. But won’t this adversely affect
productivity—and make the Philippines economically lag even
farther behind?
In fact, the four-day workweek is not a new
idea.
According to another article posted also on the
CNN website, Andrea Hopkins wrote that the US federal government
“has offered four-day workweeks to eligible employees . . . as
part of a flexible work program that also includes telecommuting.”
In fact, the flexible work program has been in
place for years—with little or no evidence of adverse effects on
the productivity of US civil servants.
“But the surge in gasoline prices is pushing
more private employers as well as local governments to offer a
four-day week as a perk that eliminates two commutes a week,”
Hopkins reported.
Hopkins cited several cases in the American
Midwest where the private sector and local governments have offered
their staff the option of working four days a week instead of five.
Most of the employees “jumped at the chance, part of a US trend
aimed at combating soaring gasoline prices.”
In Michigan, whose car industry has been
struggling for decades, “the shorter workweek offers employers a
way of rewarding employees when the budget does not allow a salary
increase.”
Hopkins quoted Oakland County executive L.
Brooks Patterson who said: “By allowing employees to work four
10-hour days it will save them 20 percent on their commute costs and
ease the financial pinch of filling up their cars.”
Recently, Patterson proposed a compressed week
for county workers.
In the case of the United States, the four-day
workweek is still regarded as an “option.” Imagine how much
greater an impact the measure could have—on energy conservation,
fuel prices and the environment—if it were made mandatory.
As an immediate response to the insatiability of
the oil giants and their producer-partners, the four-day workweek is
beginning to look like a good idea. With some adjustments to
safeguard the income of daily wage-earners, it could very well work
in this country.
It would at least be better than doing nothing.
dansoy26@yahoo.com
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