Gatchalian urges safeguards to cushion impact of oil price hikes

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Senator Sherwin Gatchalian on Monday called on the Department of Energy (DOE) to ensure that mechanisms that would shield the Philippines’ from oil price hikes are in place.

Gatchalian, chair of the Senate committee on energy, made the call after two major oil facilities in Saudi Arabia were hit by a drone strike.

“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 DOE to put energy security at the forefront of its energy direction by diversifying our oil supplier portfolio,” Gatchalian said.The senator explained that unforeseen external disruptions on the oil supply chain, such as what happened in Saudi Arabia, could create massive disruptions in the country’s local transportation and power sector.

 

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