Asia Urged to Rethink Energy Policy
By Amy R. Remo
Countries in the Asia-Pacific region, including the Philippines, must base their national energy policies on the concept that the “era of cheap energy is over” to insulate themselves from threats of possible supply disruptions and other volatilities brought on by global oil prices in the future.
John Westwood, founder and chairman of energy business advisors Douglas-Westwood, noted that the region’s greatest threat is its growing energy demand combined with its huge dependence on imported fuel supplies.
“Just consider oil: Over the past decade, production has grown by 275,000 barrels per day, but consumption by 6.3 million. In the Philippines, the economic crisis has reduced oil consumption by some 20 percent. But [consumption] has grown by more than 75 percent in China, Singapore and Vietnam,” Westwood told the Inquirer via e-mail.
According to Westwood, national energy policies must be anchored on two major fronts to help shield Asian power consumers from supply and pricing volatilities.
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