MERGED: All About OIL PRICE HIKE

[DAW-188]

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just a thot manila is 26-28 pesos ila diesel cebu is like 30+ lagi

[Golden Thief Bug]

pa tubil nalang ta sa reg oil sa highway? lolz kung gamay lihok sa price sa crudo sa world market abtik kaau mo taas ato gas diri pero kung mo rollback na, it will take a week for them to have a rollback. ingon ani jud ni ang pilipinas, ang mga datu mo samot ka datu, ang mga pobre preha nako mo samot ka pobre. walay konsensya. may pa mang migrate nalang ta.

[gargoyle]

Philippines has 138 million barrels of proven oil reserves and has 3.9 trillion cubic feet (Tcf) of proven natural gas reserves as of January 2006 according to Oil and Gas Journal...Most of these are within Mindoro, Palawan, and Sulu Sea basins...During the middle of 2008 Galoc oil reserve was discovered and drilled in Palawan sea basins with an estimated 198 million barrels of high quality grade oil reserve--same grade as that in Abu Dhabi--...Initial oil production in Galoc was estimated 17000-20000 barrels per day accounting to almost 10 percent of local demand...With the ongoing exploration of American, European, Australian and other Asian oil drilling companies who signed contract with the Philippines, hopefully will boost oil production in the future...If the Spratlys, where large amount of potential oil reserve, were acquired by the Philippines without dispute from other asian nations, it would have added significantly to the oil output of the Philippines, instead a joint venture exploration contract between China and Vietnam was signed to resolve the conflict...

The Philippines' oil production is estimated averaging above 25000 barrels per day while consuming an estimated 340000 barrels per day(Philippines Oil - consumption)...Between 1996-2000 the Philippines has no oil production...With the recent Galoc oil production, it should significantly add local oil production output...Comparing the world oil price and local oil price, it seems the figures are in parallel...It seems oil prices during 1996-2000 when the Philippines had no oil production at all are more reasonable than currently when Malampaya and Galoc are producing oil and gas.

Galoc and other locally produced oil(like Shell in Malampaya) should have at least modest positive impact on local commercial oil prices...Local oil prices are still too much if we assume we are self-sufficient by roughly 10 percent...naa gyud nagcontrol ani oil prices nato sa pinas...


Nido Petroleum in Galoc oil field in Palawan

Sources:

Nido Petroleum > assets & strategy > our assets > Galoc oil field

Philippines' Galoc Field May Increase Oil Reserves By 25% - Oil and Gas Insight

Business - Galoc oil field to draw first oil on June 16 - INQUIRER.net

Business - Galoc oil output resumes after typhoon - INQUIRER.net

Energy profile of Philippines - Encyclopedia of Earth

Philippines Oil - consumption - Economy

HISTORY OF CRUDE OIL PRICES

Page 1 - Historical Oil Price

[adhesive]

we are producing only 7% of our average daily consumption
so that means we are still dependent on the world market..
meaning we are susceptible to the rise and fall of the oil prices in
the world market whether we like it or not..
for me, the end of the rising gas prices is for the philippines to go green..
lets decrease our fuel demand significantly..
its a win-win solution for our country..
we decrease our fuel demand then we make the world a littli bit cooler..hehehe

[giddyboy]

‘Big 3’ earn P164M daily, says Bayan
By Amy R. Remo
Philippine Daily Inquirer
First Posted 05:15:00 05/23/2009

MANILA, Philippines—Petron Corp., Pilipinas Shell Petroleum Corp. and Chevron (formerly Caltex) Philippines, leading players in the oil industry and also referred to as the Big 3, are earning almost P164 million daily from selling petroleum products that are overpriced, according to the militant multisectoral group Bayan (Bagong Alyansang Makabayan).

Based on its latest estimates, Bayan said all petroleum products on the average were overpriced by around P5.11 a liter.

The group made the allegation as its members held a protest rally Friday in front of Shell’s main office in Makati City to condemn alleged abuses of oil companies and to press for the repeal of the Oil Deregulation Law.

“Petron is earning P76.64 million every day from overpriced oil. Shell, on the other hand, is earning P59.21 million daily and Chevron, P27.92 million,” Bayan said in a statement.

The group’s estimates looked at the monthly movement of Dubai crude and the US dollar-peso exchange rate and their combined impact on pump prices. The results were then compared with actual price changes monitored by the Department of Energy (DoE).

“Such abuses have become possible because the Big 3 continues to monopolize the oil industry in the Philippines, controlling around 83 percent of domestic petroleum products,” Bayan said.

Oil cartel

According to the group, the Oil Deregulation Law did not dismantle the oil cartel but even made it stronger because the important regulatory functions of government, such as control on price adjustments, were taken away.

Although the National Economic and Development Authority said it supported calls to review and amend the Oil Deregulation Law, Bayan noted that this was not enough to curb the abuses.

full article:
‘Big 3’ earn P164M daily, says Bayan - INQUIRER.net, Philippine News for Filipinos

[gargoyle]

we are producing only 7% of our average daily consumption
so that means we are still dependent on the world market..
meaning we are susceptible to the rise and fall of the oil prices in
the world market whether we like it or not..
for me, the end of the rising gas prices is for the philippines to go green..
lets decrease our fuel demand significantly..
its a win-win solution for our country..
we decrease our fuel demand then we make the world a littli bit cooler..hehehe

7% is attributed to the production of Galoc alone...it does not include production from Malampaya and other natural gas production...i did not say huge oil price roll down, i said at least modest positive impact on local oil prices...

i know how oil prices moves...even during the advent of the American crisis where oil prices in world market surged the highest at 126.33 dollar per barrel i was paying the same 3.2 dinar for a full tank 42 liter car which is cheaper than the cost of mineral water...

[nirpz]

maypang japan wala na ga salig sa gasolina...to think ba polution bya na ang gasolina sa kalibutan..paeta

[tg2k8]

Though naa ang source sa Pinas, World Market Japon price, So, OIl companies ra japon nakapabor.

[haroldjizdeortega]

ingon ani na gyud ni atong sitwasyon hantod magsalig pa ta og fuel. unsaon ila manang gipa uso gud.

[binarypill]

according to multiple sources online, it seems that the high cost of fuel may not only be caused by supply and demand but also by speculation.

i am not really smart enough to discuss this but it seems to me that the price of fuel may be artificially inflated. it may not reflect the current state of suppyl vs demand.

it's also my understanding that we would have had a kind of safety valve against the rise of fuel prices if the oil deregulation law had not been passed by former president ramos.

however, there's also the problem of "peak oil" - the idea that we may be hitting or have already hit the maximum rate of oil extraction worldwide. after that, it is all going into a decline.

on the lighter side of this "disaster-on-my-wallet", the upward trend of the price of fuels is increasing interest on alternative energy sources so, hopefully, we'll be weaned off the oil teat soon.

still, its getting more and more painful to refuel my little 110cc scooter...

anyway, i am but a humble noob on this matter who just happened to get concerned enough about the cost of my next refuel to research the subject. if anyone has a better idea out there, please share...

here are a few links to start off those who got curious like me:
forbes blog
wikipedia - oil speculation
ehow-oil deregulation in the philippines