Damage to oil sites to keep prices high, says DOE chief

MANILA, Philippines — Even if the attacks subside, Filipinos should not expect fuel prices to bounce back to pre-Iran war levels, since power assets in the Middle East have sustained “permanent damage.” This was according to Secretary Sharon Garin of the Department of Energy (DOE). Garin said that even if Iran would agree to fully open the Strait of Hormuz—a critical waterway where about 20 percent of the world’s oil and liquid natural gas supply passes through—there would still be “no assurance of the availability of the supply from the Middle East.” “[This is] because most of the structures have […]... Keep on reading: Damage to oil sites to keep prices high, says DOE chief

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