Oil crisis is changing business practices and lifestyles High oil prices affect everybody, from the poor man to the captain of industry. In India, the government has not passed on the increase in the price of crude to consumers fully, but double-digit inflation has meant that everybody is bearing the brunt in one way or another. Therefore, everyone should do what they can to ease the burden. Several Indian corporations are adopting various costcutting measures. Companies across sectors are tightening their belts by adopting innovative initiatives, such as deferring hiring decisions, minimising travel costs of executives by opting for video-conferencing, experimenting with work-fromhome initiatives and cutting down on entertainment allowances. The cutback in business travel was perhaps inevitable, with the airlines having to hike ticket prices to pay for the increase in the price of aviation fuel. According to industry estimates, business fliers comprise as much as 60 per cent of the Rs 18,000 crore domestic air travel market and corporations spend upwards of Rs 5,000 crore on domestic travel per year. Such cutbacks will affect many businesses adversely but are the right approach for corporations in the circumstances. It's good news that the jump in oil prices has induced firms to be more energy and cost-efficient. Now people must follow suit. The fact is that there are no quick fixes to reverse the rising cost of living caused by high oil prices. People, therefore, will need to adapt to changing market conditions. The high price of crude, with all its consequences, is here to stay for the next few months. So, just as corporations are pruning operations in order to reduce costs, people must learn to economise at an individual level. We need to use cars less, take fewer holidays, switch off lights when leaving a room, put the air-conditioner on for limited hours and do whatever we can to use less energy in our daily lives. Belt-tightening is a correct and necessary response, for businesses as well as for individuals. Saudi Arabia has said it will increase production from 90 million barrels a day to 90.7 million barrels. The dramatic rise in the price of crude