By CPP Information Bureau
The Communist Party of the Philippines (CPP) today called on the Filipino people to rise up in mass protest against the weekly round of oil price increases and demand an end to the policy of deregulation that has been invoked by the Philippine government as justification for allowing foreign oil monopoly companies to raise prices with impunity.
The CPP issued this statement after the eighth round of oil price increases in as many weeks resulting in prices of close to P50 per liter for diesel and more than a thousand pesos for an 11-kilogram tank of cooking gas.
“Under the deregulation law and with the Aquino regime benefiting from higher taxes on oil products, foreign giant oil companies are increasing prices at will,” said the CPP. “These foreign giants which control the entire international oil industry are wringing the people dry and lining their pockets with billions of dollars in superprofits.”
“The CPP calls on the Filipino people to intensify their mass struggles and rise up in their hundreds of thousands to put a stop to the incessant oil price increases,” said the CPP. “The only force that can stop the oil prices increases is the force of the Filipino people rising up in mass protest demanding a stop to the superprofit machines of the oil companies and an end to the regime of deregulation and clamoring for the nationalization of the oil industry.”
People’s organizations and broad alliances are planning a nationwide protest action on March 15. The CPP anticipates protest actions to further intensify as rising oil prices constantly push higher the costs of living and worsen the people’s socio-economic conditions.
The CPP pointed out that the international oil industry is controlled by the Big 5 monopoly capitalist companies namely Exxon Mobil, Royal Dutch Shell Company, Chevron-Texaco, British Petroleum and Total Petroleum. “These companies control the entire oil industry, from mining and refining, distribution and retail,” said the CPP. “The oil monopolists collaborate with big financialists in price speculation to artificially push up oil prices way way beyond the actual cost of oil production.”
“These same monopoly capitalists control the downstream oil industry, comprising the distribution and retail of refined petroleum products,” said the CPP. “So-called small players are actually controlled by or rely on supply provided by the international monopoly companies.”
Last week, the price of crude oil shot up to nearly $110 per barrel after weeks of political speculation that had nothing to do with oil production. “It is estimated that as much as 85-90% of the market price of crude oil is actually speculative pricing for superprofit making,” said the CPP. It cited studies made by the US Senate revealing that the actual cost of production of crude oil is less than $20 per barrel.
The CPP pointed out that the Big 5 oil companies had accumulated profits of $136.8 billion last year, equivalent to $16 million dollars of profits every hour.
Oil Company 2011 Profits
(in billion US$)
Exxon Mobil 41.1
Royal Dutch Shell 28.6
Chevron-Texaco 26.9
British Petroleum 23.9
Total Petroleum 16.3
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TOTAL 136.8