00:00This war has been ongoing for four weeks.
00:05If it was just one week, there wouldn't have been any permanent damage.
00:11Now it's four weeks and even more than four weeks.
00:15There is a permanent manage in the structure of the international oil community.
00:21Just to cite an example, let's say Strait of Hormuz is cleared
00:27and all the thousands or hundreds of vessels pass through it
00:32and deliver where they should deliver.
00:34There's no assurance also of the availability of the supply from the Middle East
00:39because most of the structures have been destroyed by the war that's going on.
00:44It will take about months or even years for, in fact, years for LNG
00:49to re-construct or to rehabilitate all these structures
00:57that are part of the Philippine oil industry
01:01and of the rest of the world.
01:04So there has been damage already.
01:07And sure enough, the increase has been very quick.
01:13In a matter of one month, our price has gone up to more than 100% increase.
01:20So this is by far the fastest and the highest increase of oil prices.
01:26And that's due to the war in Iran or in the Middle East.
01:33So now, 80% of the world's supply of oil is the one that's left.
01:45And 20%, we have to see after the war,
01:47how they recover.
01:50So there will be, there is a structural change already in the oil industry.
01:58Kaya, I would go along with the point of former Secretary Petelia.
02:07Kasi if ever it goes down, it will take longer.
02:10It will not be one month.
02:15Kung gaano kabilis ang pag-akit ng presyo,
02:18hindi ganun po kabilis yung pagbaba ng presyo.
02:21In fact, it will be way, way slower
02:23because the damage po ng guerra na ito
02:26is sobrang, it goes beyond the war na ngayon.
02:31Iba na yung epekto niya.
02:33Kaya, I would not,
02:36I do not expect it to go down as fast as it went up.
02:53Kaya, I would not expect it to go down as fast as the fear.
02:54You
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