Taking a Look at the Scarcity of Oil
The Philippines is an archipelago with 7,107 and these islands are a home for 98.39 million Filipinos. Since the Philippines is a densely populated country the country will need to be able supply the demands of millions of people. One of the most important things for a country to have is oil, it is needed for the people’s necessities such as electricity and transportation. According to the Philippine Star the oil companies has decided that they would hike the prices of gasoline by 1.05 pesos per liter and diesel by 15 centavos per liter. The Philippines also has one of the highest power rates in the world.The rising price of oil can have negative effects on the Philippines such as rising electricity bills and higher price of fuel which can lead to opportunity costs needed to be made by people ;the main cause of this is scarcity. |