Khalaf Al-Harbe Okaz This is not the first time we are facing a difficult economic situation because of a sharp fall in oil prices. We have been in this state several times before. High oil prices pushed us into a "sudden" economic boom, during which our motto was "spend whatever you have in your pocket without thinking too much about the future.” We also planned gigantic development projects, and made huge budgets with astronomical figures based on high oil prices. Suddenly the economic scene changes, and when oil prices fall to their lowest, we find ourselves in an era of "scarcity,” and our motto then changes to "tighten the belt.” The surprising thing here is that we often regret that we did not exploit an economic boom properly. We only regret when it is too late. We play the same old tune: "if we had used the huge oil revenues to diversify our sources of income, we would not have been at all influenced by the drop in the oil prices." If we had introduced strong mechanisms to combat corruption and stop the financial waste during the boom, we would have enough money in our hands now to save us in these difficult economic days, even if oil prices fell to their lowest recorded levels. To say the least, we do not have the power to push up the price of a barrel of oil to the level we desire. However, we do have the power to increase our competence so we have the means to lift our economy and complete development projects, regardless of the fluctuations of oil prices. This competence cannot come out of the blue. It needs strict methods to preserve and maintain public funds. These funds should be protected against the avarice of corruption and mismanagement. The bright side of the issue is that the opportunity for correction will be repeated, it still exists. We now have a great chance to change our bad economic habits, which are no different from our bad eating habits. We are suffering from obesity because we eat too much and move too little. Taking lots of food without exercise or movement to burn calories makes us fat and lazy. The current economic recess should encourage us to review our economic habits, improve performance, combat corruption and control government spending. It also provides us with the opportunity to look for other sources of income, and make use of the immense human wealth represented by our young men and women. We should transform into a productive nation, whose ambitions and aspirations will not be killed just because of falling oil prices. When we change our bad economic habits, and stop the dissipation of public funds, the present time of scarcity will be much better for us than boom times. This change would also help us make use of any increase in future oil prices. If we remained static, as we are today, our benefits from high oil prices will be limited, even if those prices crossed the barrier of $200 a barrel. It is the man who gives significance to money, not vice versa.
