Pimentel: DOE should explore new sources of oil, power

Sen. Aquilino Pimentel III. FILE PHOTO

MANILA, Philippines — The Department of Energy (DOE) should look into possible new sources of oil, as well as considering alternative sources of energy, Senator Aquilino “Koko” Pimentel III said Saturday.

He made the remarks amid the escalating tensions between the U.S. and Iran after a top general of the Western Asian country was killed by U.S. forces in Iraq.

“Dahil nga sa tension sa Middle East dahil sa pagpatay sa isang Iranian military commander, siguro ang ating Department of Energy ay dapat magisip-isip na ng possible new sources of oil muna and then talagang seryosohin na rin natin ang alternative sources of energy,” Pimentel, Senate committee chair on trade, commerce and entrepreneurship, said in an interview over radio station DWIZ.

(Because of the tension in the middle east after an Iranian military commander was killed, I think the Department of Energy should think of possible new sources of oil then should seriously consider the alternative sources of energy.)

Pimentel added that such alternative sources of energy, such as solar energy and wind energy, should be further studied and developed.

“Kasi nakita na natin na hindi lang volatility ‘yan ng presyo ng langis, volatility nung lugar kung saan nanggagaling yung langis,” he said.

(Because we already saw the volatility not of the prices of oil but the volatility of the area were the oil is found.)

Reports of surge oil prices surfaced after Gen. Qassem Soleimani, head of Iran’s elite Quds Force, was killed by U.S. forces in an air attack at the Baghdad International Airport.

The death of Soleimani prompted expectations of retaliation by Iran after the attack.

Pimentel also suggested that the government should explore other countries where oil can be found, such as Russia.

“Maraming oil ang Russia, baka hindi natin alam. Kinakaibigan na natin ang Russia eh, sayang naman,” he expressed.

(There’s a lot of oil in Russia, maybe we don’t know that. We already befriended Russia, it would be a waste.)

And amid the surge of oil prices, the third tranche of excise tax increases took effect on Jan. 1.

The third tranche of the Tax Reform for Acceleration and Inclusion (TRAIN) Act will affect the prices of gasoline, diesel and cooking gas.

So can Filipinos expect a further increase in oil prices? Pimentel said that the government can suspend the imposition of excise tax they would not feel the burden.

“Dapat conscious ang gobyerno at tayong lahat na meron mekanismo dyan sa TRAIN Law na kung lumagpas na sa average price yung krudo, pwedeng isuspend na yung pag-impose ng excise tax,” Pimentel said.

(The government and all of us should be conscious that the TRAIN Law has a mechanism that if the price of oil shoots up higher than of the average price, the imposition of excise tax can be suspended.)