Global oil crisis: Is Marcos struggling more than his dad? Notes on the beatHistory seems to be repeating itself yet again in the Philippines, where a Marcos presidency collides with a global oil crisis. At the time, the oil industry was regulated, unlike today when private companies control fuel prices. Yet the country’s heavy reliance on imported fuel remains the same enduring challenge. “Oil shocks in the early 1970s were perhaps four times worse than today,” Oplas said, pointing to the Dubai oil prices that nearly doubled in 1973 and quadrupled in 1974 from just $1.90 in 1972.

Source: Philippine Star March 24, 2026 16:35 UTC