The turmoil in the Middle East has done damage to the fragile oil price, and last week saw a more than 10 percent increase in the price per barrel. As a result we have seen petrol prices increase this month, and March will be no different. The Spanish are being productive about things though, we could learn from them.

They have chosen to lower highway speed limits, cut train ticket prices and use more biofuel under an emergency energy-saving initiative.

Deputy Prime Minister, Alfredo Pérez Rubalcaba, used a calculation to make his point. He said a €10 per barrel (R110 per barrel) increase in oil prices will cost Spain an extra €500m (R5.5 billion) per month.

Simply put, by reducing the national speed limit by 10kph from 120kph to 110kph, one can save up to 15% on fuel consumption.

Pérez Rubalcaba explains further:

We are going to go a bit slower and in exchange for that we are going to consume less gasoline and therefore pay less money.

We are going to wage a major campaign to promote public transport, which is always welcome but which in this case is absolutely necessary for us.

The unfortunate irony involved in all of this positive thinking? The cost of printing all the new road signs.

[Source: Guardian]