(Bulatlat) Should we just hang on and allow the “forces of the free market to do their thing” like we are told?
Nearly three decades ago, neoliberal apologists, multilateral creditors, and the big oil companies peddled the lie of the Oil Deregulation Law that the so-called free market will ensure reasonable pump prices for the benefit of all. Today, that free market is telling the jeepney drivers, farmers and fishers, ordinary motorists, and households to endure the most significant oil price hikes in the country’s history.
As the oil firms, economic managers, and energy officials have been telling the public for the past 26 years, these price adjustments are warranted. The crisis in Ukraine jolted world oil prices that have already been on a steady upswing since last year. A month before the conflict, crude oil prices as measured by the International Monetary Fund’s (IMF) index for global benchmark spot prices were 62 percent higher already than its level a year ago… Read More
