Press Release
November 10, 2009

Pia: Act fast to address looming oil supply shortage

Senator Pia S. Cayetano today said the Arroyo government "should quickly get its act together" to resolve the current impasse in the oil industry amid the warming of an oil supply shortage by energy secretary Angelo Reyes with the continued implementation of Executive Order 839.

"The government should try to find a compromise solution that would assure the steady supply of oil in the country and at the same time, address the need to make petroleum prices affordable to Filipinos, many of whom are still reeling from the effects of the recent typhoons."

"For their part, oil companies should seriously consider giving in to government's demand for them to open their books and inventories to the joint DOE-DOJ Task Force which is mandated to monitor oil prices. Only this will settle, once and for all, the issue whether allegations of overpricing have basis or not."

"On the other hand, the government should be transparent to the public and the oil companies with its own computation of what should be the justifiable pump prices for petroleum products, taking into account international oil market prices and the need to make oil prices affordable under its state of emergency declaration."

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