The Philippines: Precious Oil

The Independent Philippine Petroleum Companies Association (IPCA) announced that the public will again expect (dread seems to be a more appropriate word) another round of fuel price increases averaging at P0.50 per liter in the coming weeks. This, IPCA Chairman Glen Yu said, will have to be implemented because of a $4 dollar per barrel increase in the price of oil in the world market, which he finds confusing because of the adequate supply of oil. Who is then responsible for the spikes in oil prices?

…Actually, oil prices began its upward movement ever since the onset of the summer season. Oil companies and fund managers have been expecting pressures on the supply because summer in the U.S. is supposedly a


There are three big major players plus a few minor players which control both the upstream – exploration, drilling, and production