It's fascinating, this oil price story is. Fascinating in a not so good way. Most Filipinos won't even dare put a positive word right next to it. Who could blame them?

I'm no historian or expert market analyst, but one only needs to walk down memory lane to figure out how everything with oil - prices, regulation and governance has gone totally out of control. Back in college if I remember correctly, it was around P22 per liter (little over a quarter gallon). I could still remember the simple joys of being able to drive along the provincial side of Bulacan. Fast forward to 2003, gas prices have increased close to P40 a liter. A dreadful hint of more bad things to come. Not long after small and medium-sized economies begin increasing their prices, trying desperately to avoid being pulled under. In all these price hikes of course, everybody ends up losers. Daily commuting cost to work went up P30, as transportation expenses nearly doubled. A friend narrates that a month's worth of grocery (for his family of five) has climbed to a record-high of 4000Php. Much of the things he enjoyed had to be cut down.

Now five laters, we're still trapped inside that bad dream. Oil prices still going up. I hear gas prices (unleaded) are now close to P60 per liter, if it's not there already. And yes I know, it's a nightmare that everyone around the world experiences. Sadly, some people feel a tighter grip than others.

I guess my real question here is about governance and regulation. Where is our government amidst this crisis? We already know where we, the everyday citizens, are in this play and what our role is. That is to struggle to survive. (Cont.)