A survey conducted by a leading pollster revealed that most people agree with a proposal for the government to create an oil exchange to keep oil prices to a minimum.
According to the March 15-29 survey by Pulse Asia, 58 percent of 1,200 people polled agreed with the proposal, 29 percent did not and 13 percent were undecided.
Under the proposal, made by Bataan Rep. Enrique Garcia, oil needed by the Philippines would be bought only from an oil company after it participated in an oil auction or bidding and gave the lowest price through a National Oil Exchange.
Energy Secretary Mario Tiaoqui opposes the proposal, saying the National Oil Exchange would become monopolistic. Garcia said it would not because it would encourage competition among the world's oil companies, including the so-called "Big Three" operating in the country, namely Shell, Caltex and Petron.
Tiaoqui also said the government can do very little in keeping oil prices down because of the cartel run by Organization of Petroleum Exporting Countries (OPEC).
Countering Tiaoqui's argument, Garcia said in a statement: "He conceals the fact that there have been times and occasions in the past when non-OPEC entities and even some OPEC members did not follow OPEC's pricing decisions. Thus, the National Oil Exchange will further undermine OPEC's pricing decisions."
Garcia said the National Oil Exchange would be patterned after the Petroleum Electronic Pricing Exchange in the United States.