Lotilla thumbs down proposed oil stockpile, cites need to promote electric vehicles

Energy Secretary Raphael Lotilla thumbed down proposals for strategic petroleum reserve or oil stockpile, saying this needed a more thorough study in the wake of the government’s promotion of electric vehicles .

The former administration of President Rodrigo Duterte earlier proposed an SPR consisting of large stockpiles of crude oil and petroleum products, stored in facilities located around the country—and possibly overseas—that are released during periods of local or international oil supply disruptions. Philippine National Oil Co.’s SPR program was supposed to ensure the long-term stability and security of the oil supply even in times of geopolitical events.

Source: Car News Wire (carnewswire.net)

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