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In trying to counteract the continuing rise in the price of oil,
many nations have considered exploring other sources of electricity,
such as nuclear power, solar and wind power, geothermal energy and
biofuels.
Some countries have taken conservation measures
to save on electricity while others have turned to developing new
technologies to generate power.
Here in our country, President Arroyo has
initiated a project calling for the conversion of gasoline-fed
vehicular engines into locomotives that could run on cheaper fuel,
such as liquefied petroleum gas (LPG) or compressed natural gas (CNG).
She is setting aside P1 billion for loans with
no interest to jeepney, taxi and bus operators who are interested in
the conversion of their vehicle engines.
The United States, which is similarly reeling
from high gasoline prices, has been eyeing alternative sources of
energy. There has been a wide clamor for the drilling of more oil
wells in its millions of acres of idle land.
The US was the world leader in oil production in
the mid-19th century following its discovery of a commercial well in
Pennsylvania in 1859. But it has become an oil importer when its
commercial oil wells started to run out of deposits at the end of
World War I.
So far, nuclear power has proven to be the most
viable source of energy to replace or complement crude oil. However,
its development has been bogged down by controversy over safety and
environmental problems. Its emission of low-level radiation over
long periods poses great risks to public health.
The other sources of petroleum are shale oil and
tar sands. But because of the high cost in converting them into
usable oil products, the industry has been deemed not commercially
viable.
Other countries have relied on biofuels as a
potential source of power but the slow growth of energy crops has
discouraged its development into commercial scale.
Drilling for oil has been found to be the most
practical means of solving the energy problem. There is so much
black gold in huge quantities in sedimentary basins underground in
many parts of the world. The only way to discover it is by drilling.
It is good to hear of the plan of ExxonMobil, a
leading American oil firm, to invest $110 million in drilling for
oil in the Sulu Sea in mid-2009. Energy Secretary Angelo Reyes is
upbeat about the project, confident that the Texas-based US firm
could strike oil in the region.
ExxonMobil executive Stephen Greenlee said the
exploration project is a big deal for the company, encouraged by
preliminary seismic data on the potential of oil and gas reserves in
the Sulu Sea.
The project, however, is meeting stiff
opposition from the Pambansang Lakas ng Kilusang Mamamalakaya ng
Pilipinas headed by National Chairman Fernando Hicup to protect the
local fishing industry.
Japan had a similar drilling project in the
Tanon Strait between Cebu and Negros, but the Pamalakaya led
protests against it in cooperation with nongovernmental
environmental organizations. The Japanese company, Petroleum
Exploration Co., Ltd., yielded to pressure and gave up its proposed
offshore mining activities.
It is true that the exploration of the
country’s natural resources should be reserved for Filipino
nationals. The big problem, however, is their inability to raise
enough capital for any exploration activity.
The development of the oil industry in the
Organization of Petroleum Exporting Countries (OPEC) was begun by
mining companies from the US, Great Britain, France, Italy and
Germany. The US overseas oil production was initially carried out by
five companies. Its example was soon followed by two Britain-based
oil firms.
Without their entrepreneurial spirit, rich oil
deposits could not have been discovered in the 13 OPEC countries,
notably Saudi Arabia and Iraq, which are reputed to have the biggest
oil reserves.
At the time, the OPEC nations did not have
the technology, the wherewithal and the experts to explore their oil
deposits. They allowed the foreign companies to run their oil
industry but after a while, they nationalized oil production,
throwing out the foreign firms.
Is it right to keep our hidden mineral resources
untouched forever unless Filipinos have the capacity and capability
to explore them? That could be patriotic but we shall be depriving
our own people the right to enjoy the fruits of these rich mine
deposits if not explored and developed to their full potential.
agr0324@yahoo.com
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