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The Philippines may consider forging an “emergency oil-sharing agreement” with Japan or the United States to avert a looming oil crisis due to the continuing tensions in the Middle East.

Interviewed by reporters after the Change-of-Command ceremony in Camp Aguinaldo on Monday, President Benigno S. Aquino III said the government would consider the proposal despite an assurance by the Department of Energy that there is enough supply of oil.

“We will consider that, but at the present time, the DOE and Trade secretaries told me that we have gotten guarantees from certain oil producing countries. In fact, there is a non-traditional supplier. And they are saying, ‘so long as you are ready to pay the price, we are ready to supply you,’” the President said.

He said the government is working on the 60-day stockpile to ensure a steady supply of oil in the country.

“The DOE, together with the oil industry, and all the stakeholders are trying to come up with a guarantee that we will not have an interruption, even beyond the 60 days,” he said.

Given the volatility of the major oil producing countries, the government has to consider reconciling having enough oil and having too much of it at a high price, the President said

“Because the high price will have to be paid for by the consumers at some point in time,” he added. = PNA

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