The Effects Of Oil Price Hike To The Consumers In The Philippines

969 words - 4 pages

The Effects of Oil price Hike to the Consumers in the Philippines
The 19th century oil became the big part of people’s life for the machinery and vehicles that people used for their daily living. Within a year, more than 1,500 oil companies had been chartered, and oil became the dominant fuel of the 20th century and is part of the different countries economy, and Philippines are one of the countries that have an independent fuel company that started in 1978. The Filipino owned company that offers fuel products ranging from automobile gasoline to industry lubricants and services such as storage and shipping. For Filipino, oil is very important why? Because of the company that just ...view middle of the document...

Second, concerns about the Iran and to the Middle East situation that is having an impact on oil price. “As long as there is worry about instability in the Middle East, there is likely to be pressure on oil prices. Iran produces about 4.2 million barrels a day, and consumes about 1.8 million barrels a day, leaving about 2.4 million barrels a day for exports. Of this, 2,156,000 are to be exports of crude oil; the remainder is exported as refined products” (Gail Tverberg, Figure 3). From this research, we may say that it has a large impact to countries that needed oil if the Middle East is having a situation that they can’t handle and of course they couldn’t make a million barrels of oil that may cause to lack of supply of oil. And lastly, because of the Low interest rates, “Low interest rates should theoretically not directly affect oil prices, but if alternative forms of investment do not provide a reasonable yield, this fact may affect oil decisions as well. For example, if prices are trending upward, there may seem to be a premium for holding oil off the market. If interest rates are very low, this will make the comparison seem even better. Thus artificially low interest rates would seem to reinforce an upward oil price trend.
How does oil price hike affect to the economy of the Philippines? “Fuel price hikes no longer have the same impact on prices of basic commodities and the economy as before. In 1973, the country was 92% dependent on oil for its energy needs. Over the years, our dependence has been reduced to less than half in view of our programs of energy diversification, demand management and energy conservation.
To temper the...

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