How to deal with high oil prices and steps to overcome

Jan 19 • Group Discussion • 13155 Views • 36 Comments on How to deal with high oil prices and steps to overcome

Currently we are facing a very serious issue, That is, hike in oil prices which is increasing rapidly. Now a days oil price is soaring the sky, which can be depicted as one of the major drawbacks in the growth of our economy because high oil prices generally cause a huge negative impact on the global economic growth and continuous depreciation of Indian rupees. So we will discuss how to deal with high oil prices and the methods to overcome.

High oil prices

High oil prices cause a huge depreciation of economy

In India there is scarcity of natural resources due to which we have to import petroleum from other countries. As day by day demand for petrol, oil products is increasing and consumption rate of oil being high, it consequently tends to increase in oil prices. Government is always blamed for ever increasing prices but somewhere we people are also responsible for high oil prices. It is our duty also to see how we can contribute towards reduction in oil prices. We must keep in mind that oil is not extracted in our country, So we should also preserve our resources and them in a sustainable manner.

According to my opinion only solution we are left with to deal with high oil prices is to reduce the consumption of oil i.e
Decrease in consumption = Decrease in demand = decrease in price.

Now the question arises how to reduce the consumption of oil?
It can only be reduced by combined efforts of both government and Common People.

Following are the measures to be taken to reduce the consumption of oil which in turn will automatically tends to reduces the oil prices.

Efforts from people

  • For shorter distances we must go by walk or by bicycle, that is we must try to use bicycles more than automobiles. By doing so we can not only reduce the consumption of oil but it will also save our environment from air pollution.
  • People of same destination and same work must encourage car pooling.
  • We must try to use public transportation facilities like Metro trains, buses, rickshaws as much as possible rather than using our own private vehicles.
  • Drive wisely, Put off your engines while there is a red signal traffic lights.
  • Stop using vehicles for showing status.
  • We should focus on developing biotechnology and solar energy sources.

Efforts from the side of government

  • Government should decreases the rate of taxes.
  • Government should increase the number of public transport vehicles with high security.
  • Government should maintain the roads good and safe for vehicles.
  • Traffic police must also work hard to clear traffic jam on roads because most of the fuel is utilized by the vehicles in the traffic.
  • Give the facilities in cities which they demand (like development of good schools, colleges etc.) so that people can save there fuel and time too.
  • Promote bio-diesel.
  • Should promote companies which makes low petrol consuming vehicles.
  • Should make bridges so that chances of traffic may get reduced

Lastly I would like to conclude with one most important point that, I think, there is a need to create awareness among people about the importance of natural resource, how precious natural resource are for us and for our future generations. People should be aware that crude oil is very limited inside earth and it is a non-renewable resource, so it is our responsibility to preserve it for our future generation and should use it as minimum as possible and consume in a sustainable way.


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