Solon urges oil industry regulation

FOLLOWING another big time oil price hike, it’s high time to regulate the oil industry and impose measures that will lessen the burden of the Filipinos.

Bayan Muna Rep. Carlos Isagani Zarate pushed for the approval of three measures that can lower oil prices in the long term.

Pending before the House of Representatives are House Bill 1760, or Downstreaming of Oil Industry; HB 3676 or Centralization of Procurement of Oil and HB 3678 or the Government buy back of Petron.

The Makabayan bloc is calling on the House leadership to fast-track these bills to shield Filipinos from the escalating oil price hikes.

“Up to 95 percent of the country’s petroleum requirements are imported, rendering the country exceedingly vulnerable to the dictates of big transnational corporations,” Zarate said.

“The worst implication of this is our severe dependence on such corporations, which control not only the importation, refining, and retailing of crude and petroleum products from abroad, but also control the exploration, exploitation, refining, retailing, and even re-exportation of our country’s indigenous petroleum and petroleum-based products,” Zarate added.