Press Release September 16, 2019 STATEMENT OF SENATOR WIN GATCHALIAN ON THE SPIKE OF CRUDE PRICES FOLLOWING SAUDI OIL FIELD ATTACK The surge of global oil prices as a result of the recent devastating drone strike on a Saudi Arabian oil facility underscores the need for the Department of Energy (DOE) to put energy security at the forefront of its energy direction by diversifying our oil supplier portfolio. Doing so would insulate consumers from price volatility. Unforeseen external disruptions on the oil supply chain, such as what happened in Saudi Arabia, can create massive disruptions in our local transportation and power sector. In fact, the Philippines has been importing 33.7% of its crude oil from Saudi Arabia as of 2018, making the country the top supplier of crude oil in the country. In the meantime, the DOE, in cooperation with the local oil industry suppliers, should formulate a contingency plan that will temporarily replace Saudi oil in the short term until supply is normalized |
Wednesday, March 27
Tuesday, March 26
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