Instead of blaming the soaring oil prices for robbing the GDP growth, the finance minister has to take a fresh look at Brazil’s success in oil independence. Oil producing countries are not for a charity and hence there is no question of “great injustice” to the developing countries. It is simple economics, they squeeze the market and tighter supplies tend to drive up prices which escalate their profits. Fossil fuel is a limited resource and we are raiding earth’s assets in such a way that we are all robbing off each other in a big way.
The finance minister needs to give his criticism a second thought and introduce more sops for alternative energy production in his next budget and thus make Oil independence as the prime topic.
No comments:
Post a Comment