Senator Koko Pimentel urged the Department of Energy (DOE) to closely monitor world oil prices

Senator Aquilino "Koko" Pimentel III urged the Department of Energy (DOE) to closely monitor world oil prices as tensions between the United States and Iran continue to escalate.

"The DOE should strictly watch the oil price movement globally, especially with respect to Philippine sources of crude oil. Crude prices keep surging and it could batter our economy," expressed Pimentel.

The Senator, who chairs the Senate Committee on Foreign Relations, also advised that the DOE must plan to secure new sources of crude oil as early as now, in view of the flare-up in US-Iran-Iraq relations.

"The government must study and seriously consider securing new sources of our crude oil. Spiking oil prices have led to recessions in the past. Mabuti nang advance mag-isip so that we are prepared," noted Pimentel.

Pimentel suggested that the Philippines should consider getting oil from Russia; a move which, the Senator believes, could strengthen Philippines-Russia relations in the process.

Oil prices have risen sharply following the killing of Iranian General Qasem Soleimani in a US drone strike near Baghdad International Airport.