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Events

Oil Companies Play Greed

Just last May 23 oil companies increased their prices by 42-49 centavos per liter. Only a month later they increased by another 37-38 centavos.

Energy secretary Vincent Perez blames Saddam Hussein for cutting down Iraq's oil production and the Abu Sayyaf for raising the dollar.

Everyone else blames oil deregulation and oil companies being just too greedy.

By offering a level playing field to oil companies, theoretically, competition will make prices tend to go lower. In the years since the Oil Deregulation Law, prices have instead gone regularly higher.

The reason mainly is because the playing field isn't really level. Shell, Petron and Caltex still dominate the industry and dictate prices. They make profits in the billions while the poor can't cope with the rising prices of basic goods.

Since the Oil Deregulation does not fulfill its purpose then it must be repealed. We can't expect oil companies to rollback their prices just because it is the right thing to do. They're too greedy for that.

by: Twostar
July 2001

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