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AFTER soaring to record highs the past few months,
oil prices are likely to stabilize for the remainder of the year,
according to the nongovernment Consumer Oil Price Watch, a corporate
lobby group.
In a press conference, Raul T.
Concepcion, the group’s chairman, said that oil prices are
projected to taper off and likely to remain within the $90 to $100
per barrel level.
He attributed the stabilization
of oil prices to a better supply outlook and countries’ rush to
build their alternative fuels programs.
“Next year, we expect the Dubai
crude to continue hovering around the $80 to $90 per barrel price.
Any increase will be relatively small in relation to 2007,”
Concepcion said.
He said the Departments of Energy
and of Justice, oil companies and consumer groups are set to sign a
memorandum of understanding in order to come up with weekly updates
on oil prices.
Notwithstanding this initiative,
the energy department should pursue its own audit of oil companies,
the businessman said.
“The bottom line is the DOE has
the data on oil imports and values, because they have to pay the
duties, which they can look into,” he added.
The energy department earlier
sought the help of auditing firm SGV and the University of Asia and
the Pacific for the said audit.
--Euan Paulo C. Añonuevo
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