Tuesday, January 08, 2008 Lawmaker backs scrapping of oil deregulation By Carlo P. Mallo
DAVAO City third District Representative Isidro Ungab expressed full support to the scrapping of the oil deregulation law.
Ungab, during Monday's Kapehan sa Dabaw forum, said he does not believe that scrapping would return to the arrangement wherein government has to subsidize the oil companies.
Prior to the passage of the oil deregulation law in 1998, the government subsidized the oil industry buffering the immediate increase of oil prices in the country relative to that of the international market.
"Free enterprise must still be allowed, however, the government must also be allowed to intervene in times of emergencies," Ungab said.
Ungab cited the present situation wherein the benchmark price of crude oil in the international market has already reached the $100 per barrel mark.
"The government must have the power to come in to control or buffer the fast increase of the oil prices," Ungab said.
As of the moment, Ungab is still urging other representatives to support his proposal. "If you are a lone voice in congress, there is nothing that would happen," Ungab said.
The congressman admitted that Congress is indeed a numbers game.
