On the long run this episode of low oil prices would be a good thing for Malaysia - because we'd be forced to not be so dependent on oil production as a country. This is a painful pill to swallow but the patient needs it badly.
We need to diversify and develop other industries as well.

You do have a point that the consequences of prolonged low oil prices will be severe. However, I don't agree that funding for the "usual expense" need necessarily come from more taxes.

One major area of improvement all Malaysians know about is simply a better management of the government's budget - just look at how every year the Auditor General's report shows so much of wastage, misallocation and downright squandering of taxpayers' money. So what better time than now for Malaysians to demand more transparency and accountability in public finances ?

Just think of it this way - you're in a boat with hundreds of leaks and that magic pail you've so long been depending on to bail out the water has gone missing and all you have now is a small mug. You don't have time to just make a dash to shore because your boat is sinking fast. So what do you do ? You move your butt from that comfy seat and start plugging the holes.

So no, that idea is not theoretical nor academic and certainly not philosophical - it's just plain good old fashioned common sense and very practical indeed.

We need to be less dependent on oil and gas and pay more attention to other industries. Just look at what's happening in Russia and Venezuela now.

Financial analysts are humans too, so every finance news you read regardless of source, needs to be read with a good dose of critical thinking a.k.a pinch of salt.