The oil withheld from the global market today is twice the volume of oil held hostage by producers in previous oil crises. The 400 million barrels of oil released from the global petroleum reserve to help stabilize prices will run out by mid-April. Food costsThe oil crisis is compounded by the looming peril of a food crisis. Instead of investing in improving our food production, we depended on importing the food we need. But it is certainly not too late for government to take decisive steps to protect food supply while ensuring nutritional adequacy.

Source: Philippine Star March 30, 2026 16:34 UTC