It’s economic sabotage, stupid
| N.O . N.O.N.S.E.N.S.E |
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| Jacinto ‘Jing’ Paras |
Recently, the government finally succeeded in having the oil companies open their books of accounts which will show their records on the amount of purchases in oil inventories as well as the prices they paid to the supplier, either in Singapore or in the Middle East as the case may be. As an offshoot to this issue, Energy Secretary Rene Almendras was asked by media what action his department will do if the oil companies are found to have falsified their books of accounts such that it will show their unjustified increase in oil prices beyond what is necessary or that the decrease they made in the oil price is not at par with the decrease of prices in the world market. Secretary Almendras answered that Department of Energy (DoE) is impotent to file charges against these erring oil companies because there is no law available to charge them.
Such cock and bull statement coming from no other than the man in charge of protecting the interest of the people against abuses by oil companies smacks of irresponsibility, ignorance and incompetence. It seems his helplessness is not borne out of the real circumstances but rather in his being protective of the oil companies. Manipulation of oil prices to the detriment of the consuming public if made certain after the examining of the books of the oil companies is plainly an act of economic sabotage. The increase in the prices of oil, be it reasonable or not, will always have a deleterious effect on the economy especially when it affects the poor and the middle-class of our country..... MORE
Source: The Daily Tribune
URL: http://www.tribuneonline.org/commentary/20120122com5.html
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