Oil

THE government said it stands to lose billions of dollars should Congress revive the Oil Price Stabilization Fund (OPSF) to address recent increases in fuel prices.

NEW YORK (AP) – Oil prices hit another post-recession high last week as economists said the world will keep consuming more petroleum even with this month’s destruction in Japan and the wave of uprisings in North Africa and the Middle East.

MANILA, Philippines – As another oil price hike looms next week, the Aquino government is trying to put in place more mitigating measures to assist the food/agriculture sectors, a ranking energy official said.

Traditional solutions only solve traditional problems. In the case of solving the problem of high fuel prices, traditional politicians as well as government officials need to sit down with oil industry players in order to develop mutually beneficial and acceptable solutions because at the end of the day, they are ALL part of the problem…

MANILA, Philippines – If President Aquino does not want to suspend the 12-percent value added tax (VAT) on oil products, he should at least cut it by half while gasoline prices are high.

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MANILA, Philippines –  Several lawmakers urged the government yesterday to again control increases in the prices of gasoline, diesel and other oil products.

OIL companies raised pump prices for the third time in less than two weeks as international petroleum prices continued to rise.

Energy Secretary Rene Almendras is correct to focus on assuring oil supply because there is nothing anybody can really do about the price. Loud mouths demanding his resignation because he cannot keep prices down are simply being ignorant and unreasonable.

With gasoline at an all-time high, thanks to the Libyan crisis, whatever economic gains we may have had in the past few months will surely go to naught. But last Saturday, I was quite surprised that the nightspots in Metro Cebu were bustling with business and traffic was heavy in many areas which only tells…

The Department of Energy (DoE), true to form of its being labeled as giant oil companies’ mouthpiece, yesterday said oil prices may increase anew this week due to the Middle East political turmoil.

Everybody’s talking once again about high gas prices. So far, service stations’ pump signboards have shown as much as P5 per liter increase since the start of the year, and Filipino consumers are animatedly talking about how this is hurting their spending.

MANILA, Philippines — Though they may be skyrocketing now, fuel prices will eventually slide to cheaper levels, the Department of Energy (DoE) believes.

NEW YORK (AP) – Oil prices rose past $104 a barrel to end the week at a 29-month high, as fighting in Libya intensified and the world’s largest petroleum consumer, the US, reported that employers added nearly 200,000 new jobs in February.

The Interagency Energy Contingency Committee (IECC) was finally established yesterday as President Aquino signed Administrative Order (AO) No. 6 creating such body tasked to ensure the continuous adequate and stable supply of petroleum and other energy sources in the country.

MANILA, Philippines – President Aquino has formed a committee to address the recent oil price increases and ensure steady supply of fuel in the country amid political unrest in the Middle East and Africa.

MANILA, Philippines – The government is closely monitoring oil prices as political unrest in some parts of the Middle East and Africa continues to threaten supply and raise concerns over possible price manipulation by local oil firms.

OIL companies implemented a hefty increase in pump prices amid soaring oil prices abroad.

The Department of Energy (DOE) allayed fears about a possible oil supply disruption amid heightening tensions in the Middle East and North Africa, as the price of crude shot up to a multi-year record.

CAIRO (Reuters) – The global economy can withstand an oil price of $100 a barrel, Kuwait’s oil minister said on Saturday, as other exporters indicated OPEC may decide against increasing output through 2011 as the market was well supplied.

TAGBILARAN CITY, Bohol, Philippines (PNA) — Deregulation and stiff competition determine the prices of petroleum products, including their disparities.

THE public must brace for higher oil prices that could go beyond $100 a barrel, Energy Secretary Jose Rene Almendras said Wednesday.

The Department of Energy should fully exercise its oversight powers on the country’s oil players following the latest round of oil price hike allegedly to even out losses while one big oil player publicly announced that it posted a 59 percent increase in profit from January to September this year.

UPSTART Phoenix Petroleum Philippines Inc. saw its core profit shooting nearly three-fold in the third quarter, outpacing market leader Petron Corp. whose net income grew by just a sixth, according to separate disclosures made by the two listed oil companies.

THE gas pipeline that is hoped to eventually transport natural gas from Batangas and Manila (BatMan-1) is targeted to be operational by 2013, according to Jesus Tamang, policy-planning director of the Department of Energy.

MANILA, Philippines – The Court of Appeals (CA) has dismissed the predatory pricing charges against Pilipinas Shell Petroleum Corp., and the rest of the Big 3 oil companies.

For two months now, oil has been gushing out of a damaged oil pipe one mile under water at the Gulf of Mexico. This has produced the biggest oil spill ever, threatening the rich fishing grounds of the American south, putting wildlife in peril and posing the danger of irreparable economic damage.

MANILA, Philippines – The impact of the tariff reduction on imported petroleum products has yet to be felt by consumers, a top oil company official said. Pilipinas Shell Petroleum Corp. country chairman Edgar Chua told reporters over the weekend that as far their company is concerned, there is still no signed guideline for the implementation…

MANILA, Philippines – Oil firms have raised the prices of all their petroleum products by 50 centavos per liter late Tuesday, giving consumers no time to refuel before implementing the price adjustments.

In line with his goal of reducing the Philippines’ dependence on imported fossil fuel, Lakas-Kampi-Christian-Muslim Democrats standard-bearer Gilberto “Gibo” Teodoro Jr. is urging the country’s energy officials to look into the possibility of building nuclear-powered plants in order to meet the domestic demand for cheap and easily produced electricity.