GOOD news oil for our country

[ghosthunter]

I doubt if this oil will be near "cheap" after the government slaps on the "royalties" portion.

[tidus1203]

Should reduce our need to import. Hopefully this can lower the gas prices...

[iho250]

let's hope and pray that this will all come to reality and pull down prices on gas pumps...

[coiter]

"The Philippines will earn from the sales of crude oil which will be benchmarked at international prices and with domestic refineries being given the first priority," Reyes said. "Rather than be exported, it will be consumed locally."

hmmm parang napapaisip ako dito a. it seems like they don't have any plans of cutting the cost of crude. so wala rin ibababa sa presyo ng gas at diesel. makakatipid lang sila sa dollars kasi locally bibilhin. tama ba intindi ko?

[tidus1203]

No what it was saying is the new found resource will not be exported and it will be used for local consumption.

[uls]

But how about pricing?

Will that oil be sold to local oil refiners below international market price?

The article says the price of that oil will be based on international market prices.

So that doesnt make pump prices cheaper...

it just gives us addition sources of oil.

[Elroi]

this is certainly good news.. :2thumbsup:

Australia-based Otto Energy acquired a 31.38 percent stake in GPC last December, with European trader Vitol holding the remaining 68.62 percent.

Reyes said Galoc oil sold directly to local refineries could bring down pump prices as this would have lower freight, handling and insurance costs. But he could not give estimates as to how much Galoc oil prices would be lower.

accdg to this, foreign owned ang Galoc at kikita lang ang gov't. thru taxes and royalties. dun lang tayo makakatipid sa shipping and handling. so we should expect only a slight dip in the fuel pump prices...better than none.

let's hope and pray that this will all come to reality and pull down prices on gas pumps...

+1

[meledson]

I hope this will help us.

But still, we should do our share to reduce our fuel consuption.

[X-isle]

mahirap mag expect nanaman nito... meron nga tayo sariling produced oil, but still, its the same (greedy) government. Palakpak ang tenga ni 4"11' nyan. baka nga samantalahin at ibase sa international prices yan. Pag nagkataon... tsktsktsk

[valvura]

ano ba effect ng new galoc at existing malampaya sa oil prices natin? could we have a transparent computation ng impact ng 2 oil sources sa oil prices for consolation?
or it's all written in the AIR, just benefiting the pockets of the greedy bureaucrats?