Oil prices next Arroyo crisis (Philippines)

[IndianaGreen]

Oil prices next Arroyo crisis

Extreme measures eyed to cut energy use

First posted 00:17am (Mla time) Aug 12, 2005
By Gil C. Cabacungan Jr., Abigail L. Ho
Inquirer News Service

Editor's Note: Published on Page A1 of the August 12, 2005 issue of the Philippine Daily Inquirer

IN THE MIDST of the worst political crisis of her presidency, here comes another whammy for President Macapagal-Arroyo.

With record crude prices that could weaken the economy and undermine her administration, President Arroyo yesterday called on the public to adopt energy conservation measures.

"The entire nation, all sectors and communities must engage in a serious effort to conserve energy and support all means to bring down our overall consumption of energy and exploit alternative sources of fuel,'' the President said in a short speech at a Flying V gas station which launched its bio-diesel fuel.

Analysts estimate that every dollar increase in the price of Dubai crude (which hit a record $57 a barrel yesterday along with New York crude which rose to a historic $65 a barrel) adds some P500 million to the country's oil bill. Oil refiners in the country use Dubai crude to calculate their retail prices.

http://news.inq7.net/nation/index.php?index=1&story_id=46599

[mhr]

1. The Party Is Over - Peak Oil Is Here

eom

[lvx35]

2. yep. The party is definatly over. n/t