{"id":231472,"date":"2019-09-18T22:28:41","date_gmt":"2019-09-19T02:28:41","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=231472"},"modified":"2019-09-18T22:28:41","modified_gmt":"2019-09-19T02:28:41","slug":"govt-monitoring-oil-supply-after-saudi-oil-attacks","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2019\/09\/18\/govt-monitoring-oil-supply-after-saudi-oil-attacks\/","title":{"rendered":"Gov\u2019t \u2018monitoring\u2019 oil supply after Saudi oil attacks"},"content":{"rendered":"
\"\"<\/a>
FILE: DOF Undersecretary Karl Kendrick Chua (Photo<\/a>: Dr. Karl Kendrick Chua \/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0— The government is monitoring its oil supply from the Middle East in the wake of drone attacks on Saudi Arabia\u2019s oil facilities over the weekend, a finance official said Wednesday.<\/p>\n

Finance Undersecretary Karl Chua, however, said he is relying on Saudi Arabia\u2019s promise that its oil supply will be back to normal by the end of the month.<\/p>\n

\u201cIyong<\/em>\u00a0latest na nabasa ko sa<\/em>\u00a0news today\u00a0is iyong<\/em>\u00a0supply\u00a0bumalik na sa<\/em>\u00a0normal (The latest I read on the news today is the supply has returned to normal). So if that is the case, then\u00a0wala po tayong<\/em>\u00a0impact\u00a0sa ating<\/em>\u00a0(then it has no impact on our) oil supply and there is no further action needed,\u201d Chua said in an economic briefing in Malaca\u00f1an.<\/p>\n

\u201cWe just have to monitor that the supplies that are coming from the Middle East are indeed adequate,\u201d he added.<\/p>\n

Albay Rep. Joey Salceda, chair of the House of Representatives Committee on Ways and Means, warned oil companies against taking advantage of the attack in Saudi Arabia to increase prices.<\/p>\n

\u201cAng panawagan diyan ay iyong mga<\/em>\u00a0(Our request to) oil companies is, don\u2019t take advantage of the windfall, (be)cause some of them are trying to price already their old inventories in the new one,\u201d Salceda said.<\/p>\n

\u201cKaya ang pakiusap ko lang po sa mga<\/em>\u00a0oil companies\u00a0ay<\/em>\u00a0don\u2019t exploit,\u00a0kasi<\/em>\u00a0(That\u2019s why my request to oil companies is don\u2019t exploit because) I thought that the announcement of new price increases were a bit premature,\u201d he added.<\/p>\n

He urged oil companies to prove to the public that the oil they are selling was bought at the prices they have set.<\/p>\n

The lawmaker further said oil companies that fail to comply will be disgorged.<\/p>\n

\u201cThere\u2019s a law on disgorgement. The disgorgement said you cannot profit \u2013 it\u2019s undue enrichment, because we don\u2019t have a windfall tax,\u201d Salceda said.<\/p>\n

He also assured that the administration would not make any \u201cknee-jerk reflex reaction\u201d in relation to suspending the excise tax on oil.<\/p>\n

Under the Tax Reform for Acceleration and Inclusion (TRAIN) law, the government can suspend the implementation of the higher excise tax if oil prices in the world market hits USD80 per barrel for three consecutive months.<\/p>\n

Energy Secretary Alfonso Cusi, meanwhile, also assured the public that there is \u201csufficient\u201d oil supply to keep the economy running for the next 30 days.<\/p>\n

Report showed that attacks on Saudi Arabia\u2019s oil facilities decreased global supply by 5.7 million barrels per day, which is equivalent to 5 percent of the global supply.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The government is monitoring its oil supply from the Middle East in the wake of drone attacks on Saudi …<\/p>\n","protected":false},"author":33,"featured_media":154969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1145,16,95],"tags":[],"class_list":["post-231472","post","type-post","status-publish","format-standard","has-post-thumbnail","category-headline","category-news","category-news-ph","mauthors-azer-parrocha","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/231472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=231472"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/231472\/revisions"}],"predecessor-version":[{"id":231473,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/231472\/revisions\/231473"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/154969"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=231472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=231472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=231472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}