Oil and Gas Malaysia plays an important role in the life of a Malaysian. Malaysia is a key country in the development of the oil and gas landscape in the Asian pacific region so let’s discuss how changes in this landscape affect our lives as consumers.
The average consumer has no idea how gas changes the way we consume. It changes how we travel, how we consume entertainment and food. As for the Malaysian consumer, we live in a country where we are getting urbanized, entering the world of technology, and the demand for oil and gas is just increasing. With geopolitical impacts, pandemic impacts, there has been a clear toll on our social spending and how the world witnessed drastic fluctuations in oil and gas prices.
Oil and gas price fluctuations have huge implications for the consumer. This is because of the disruptions in the economy that the oil and gas prices cause. A hit on our economy is an indirect and volatile change in our life as a consumer. So what are some ways our lives as consumers get changed as a result of a change in the gas and oil landscape?
Fewer Job Opportunities And Job Creations
Rising oil and gas prices are the company’s first strike on employees. Perhaps not a deliberate move but businesses find it difficult to employ and create job opportunities. As a result of any oil and gas fluctuation, people find themselves jobless or unable to get a job of their choice. Even those with the year so experiences and having high skills demanded by all find themselves with reductions in their salaries when oil and gas fluctuations happen. The expenses of even having a job increases because transportation cost is higher as well. This is a huge burden on freelancers who tend to travel for work.
Difficult To Travel By Car
Ofcourse, when gas and oil prices are off the roof, most make a slow transition to public transportation. It is cheaper to travel using public transport than having to use your car. Using your car becomes a heavy burden and an expense when gas prices fluctuate. We start taking our bus or train to work. Walk more often. Stay home. Travel using by buses. Long-distance road trips come to a halt. Family vacations become nearby. And the list goes on.
Shopping Becomes Expensive
This goes to all of our products. Whether it is our local groceries or the latest trends from your favorite fashion line, their prices hike when gas and oil prices hike as well. It is the consequence of difficult business transactions, high shipping expenses, and increased manufacturing costs. Our manufacturing costs are bound to increase since the cost of energy we use up is higher. And the shipment from air or sea travel is no longer as affordable as it is for many businesses. Businesses, especially online businesses meet their ends by increasing their prices.