Saturday, February 19, 2011

DOE ensures no maltreatment in oil pricing

CLARK, Pampanga, February 19, 2011-The Department of Energy (DOE) ensures the public that there will be no maltreatment in setting a price in case another oil price hike becomes imperative in the recent strategic planning in Clark Freeport Zone.

DOE Undersecretary Jose Layug, Jr. clarified that it is the mandated to the energy department to monitor oil prices, however, it cannot, at any rate, dictate oil companies to lower their prices, citing that there are times when it becomes imperative for oil companies to raise prices based on the level of price of petroleum products at the world market.

Layug guaranteed that there is enough oil reserve in the country at present and that abuse in oil pricing will never be tolerated, adding that the DOE is currently looking at the possibility of conducting more oil and gas explorations, mentioning about a bill that is bent on being filed at the congress for the purpose of legitimizing more oil and gas exploration activities in the country.

Layug also said that the country has enough supply on electricity, saying that no shortage now, but when summertime comes, the demand scales up tremendously that’s the reason he encourages everyone for the efficient use of vehicles and electricity.

“We need to look at where we can fix the problem especially on electric power industry to ensure that we will not have shortage,” Layug said, reminding the public to conserve oil and energy especially during times when prices of oil and commodities rise. (Jason de Asis)

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