Oil Drop Shock
It’s great that gasoline is cheap right now. In the Philippines its back to 2004 levels, about P30/liter at the pump for unleaded gasoline. I could actually start driving in the road again for recreation. The past year one could only go outside in ones car if one had an actual purpose to it.
I remember back in 1998 when gasoline was at P11/liter. I was fresh out of college, was starting out at a new job and had my first car. It was second hand. Then come 1999, the price of gas was starting to creep up. By 2000 it was at P13/liter. I told myself that if gas hit P15/liter I’d ditch my car and start taking the company shuttle bus. I guess you know how that ended up.
The reason why gas prices are low however is not so appealing.
The world is facing an economic crisis right now, which is what’s driving to price of oil to retreat. A world wide depression leads to job cuts. People’s livelihood are at stake. And there’s no telling how deep the rabbit hole goes. Some say it will last till 2009, some even farther.
I have faith however that we’ll be able to rebound right away.
