Ever since the benchmark West Texas Intermediate (WTI) crude oil futures crossed the US$50 per barrel psychological barrier two weeks ago, many people from all walks of life here in Malaysia have given their two cents worth on what is perhaps the most pressing issue of the day.

While some of the comments given were good, unfortunately these are few in numbers. Most of the comments given were not only silly, but were downright ridiculous which helps to confuse the issue even further.

For instance, a chief executive officer of a government linked utility company hinted that his company would increase electricity tariff if the present high oil price environment continues unabated.

His comments drew a sharp rebuke from the senior minister who is responsible for the energy portfolio. The minister pointed out a very interesting fact - in what way would a utility company which has electricity generation plants that runs on subsidised natural gas be impacted by the upward swing in crude oil price? Oops!

A very senior editor of Malaysia's widest read English newspaper committed a major booboo in his column last Thursday. With a stroke of the pen he gave birth to a new type of crude oil into the world's petroleum market.

In his article , he told his readers that the world's leading crude oil benchmark oil is New York Light Crude. Well, sorry to disappoint you sir, but that type of crude doesn't exist.

The only type of crude that is traded daily on the New York Merchantile Exchange (Nymex) is West Texas Intermediate or better known in the petroleum industry as WTI. Ouch!

Another outrageous suggestion came from the head honcho of Malaysia's automotive association. She suggested that private car users use natural gas as fuel because it is 70 percent cheaper than petrol.

Her brilliant suggestion got her frontpage treatment in a prominent Bahasa Melayu paper last Friday.

It was unfortunate that the paper concerned did not bother to authenticate the accuracy of her statement. In actual fact, the price of NGV in the real world is expensive. The reason why it is 70 percent cheaper than petrol is because it is being sold at a subsidised rate.

The actual price of natural gas in the international market is more than three times than what the taxi drivers are currently paying at the petrol station.

Perhaps, the biggest favour that these VIPs could do to the people of Malaysia is to arm themselves with sufficient knowledge before making any public statements.

To paraphrase the 17th century German playwright, poet, novelist and dramatist Johann Wolfgang von Goethe '... there is nothing more frightful than ignorance in action'.