Jauhn Etienne Villaruel

Plumes of smoke rise following reported explosions in Tehran on March 1, 2026. Ayatollah Ali Khamenei, Iran's supreme leader since 1989 and sworn enemy of the West, was killed in the opening salvo of a massive US and Israeli attack, sparking a new wave of retaliatory missile strikes from Tehran on March 1. (Photo by ATTA KENARE / AFP)

Article (news)

Jekki Pascual

ABS-CBN News

<div><span class="fr-img-caption fr-fic fr-dib" style="width:960px;display:block" width="960"><span class="fr-img-wrap"><img src="https://od2-image-api.abs-cbn.com/prod/editorImage/177276879841920260302050328_d46fdee4a54321596275ac6c3ebb24442c5db29fcc12731d36abbadd4bbfc594_cropped_processed_by_imagy.jpg" style="width:960px" class="fr-fic fr-dib" width="960"/><span class="fr-inner" style="text-align:left">Plumes of smoke rise following reported explosions in Tehran on March 1, 2026. Ayatollah Ali Khamenei, Iran&#x27;s supreme leader since 1989 and sworn enemy of the West, was killed in the opening salvo of a massive US and Israeli attack, sparking a new wave of retaliatory missile strikes from Tehran on March 1. Atta Kenare/AFP</span></span></span></div><p>MANILA — The Philippine Department of Energy (DOE) said Friday it was preparing for a worst-case scenario as the Middle East conflict dragged on, affecting the global energy sector.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/5/doe-warns-vs-profiteering-hoarding-of-fuel-products-amid-iran-crisis-2056" rel="noopener noreferrer" target="_blank">DOE warns vs profiteering, hoarding of fuel products amid Iran crisis</a></div><p>Energy Secretary Sharon Garin said she met with various agencies and oil companies to discuss ways in which they can deal with a potential crisis. Hopefully, she said, it would not lead to the worst-case scenario.</p><p>“We’re trying to find a way na doing different scenarios- moderate or extreme scenarios, if it takes too long this war, so inaaral pa namin yan. We have to decide what are the interventions that we will do, that the objective is to keep the price of electricity low,” she said.</p><p>She said the priorities were ensuring that there is an adequate supply and that prices remain low for fuel and electricity.</p><div><br/></div><div><span class="fr-video fr-deletable fr-fvc fr-dvb fr-draggable" contenteditable="false" draggable="true"><iframe width="640" height="360" src="https://www.youtube.com/embed/JVgGsg0IRcY?&amp;wmode=opaque&amp;rel=0" frameBorder="0" allowfullscreen="" class="fr-draggable"></iframe></span><br/></div><p>“There’s pressure points na ngayon eh- LNG, coal going up. Diesel really going up also… We’re really studying everything,” Garin added.</p><p>For now, the country has a 60-day fuel stock, Garin said. This will give the government and oil companies ample time to look for more supply if necessary. She admitted, however, some countries have stopped exporting petroleum products for now.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/6/pnoc-eyes-to-procure-1-m-barrels-of-diesel-reserve-amid-middle-east-conflict-0905" rel="noopener noreferrer" target="_blank">PNOC eyes to procure 1-M barrels of diesel reserve amid Middle East conflict</a></div><p>“Singapore, Qatar, China, Thailand have closed their doors for exports. Some of them, many of them are our suppliers. But there are many options also. We have tasked our oil companies to check nila sino suppliers nila na willing pa mag-deliver,” she said.</p><p>The energy chief said she was waiting for the response of oil companies to her request not to impose a one-time big-time hike. There are reports of a possible fuel price increase by P10 to 15 per liter.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/5/oil-crisis-plan-staggered-price-increases-excise-tax-cuts-4-day-work-week-1009" rel="noopener noreferrer" target="_blank">Oil crisis plan: Staggered price increases, excise tax cuts, 4-day work week</a></div><p>“We cannot dictate or direct the oil companies because of the oil deregulation law… We met them twice already this week, so we’ll wait what they plan to do,” she said.</p><p>Garin assured the public that the government was working to prevent a spike in oil prices, as it finds ways to bring down fuel consumption amid the war in the Middle East. </p><p>She is also pushing for renewable energy--like geothermal energy--so the country will be less dependent on imported oil for its energy needs.</p><div><br/></div><div><strong>GEOTHERMAL ENERGY</strong></div><div><br/></div><p>At the 50th anniversary of First Gen’s Energy Development Corporation (EDC), Garin said geothermal power is among the most reliable renewable energy sources that can be tapped 24/7 even amid tensions abroad.</p><p>“Kahit po maggiyera sila sa Iran or sa Middle East, geothermal will never fail us kasi atin ito,” Garin said.</p><div><a href="https://www.abs-cbn.com/news/business/2026/3/3/energy-infrastructure-emerges-as-war-target-lifting-prices-0918" rel="noopener noreferrer" target="_blank">Energy infrastructure emerges as war target, lifting prices</a></div><div><br/></div><div><iframe width="725" height="408" src="https://www.youtube.com/embed/huyQ9QRxtPM" title="Gasoline, diesel expected to rise in the next 2 weeks due to Iran war | ANC" frameBorder="0" allowfullscreen=""></iframe></div><div><br/></div><p>She admitted, however, that investment costs for geothermal are too high because exploration and drilling are costly and there is a high level of uncertainty. </p><div><a href="https://www.abs-cbn.com/news/business/2025/9/18/ph-sets-own-net-zero-path-as-first-gen-expands-geothermal-in-mindanao-2124" rel="noopener noreferrer" target="_blank">PH sets own net zero path as First Gen expands geothermal in Mindanao</a></div><p>She said the high costs deter some firms from investing in geothermal energy in the country, which has led Indonesia to overtake the Philippines as the world&#x27;s second-largest producer of geothermal energy.</p><p>“It’s a risky project with a lot of benefits, but the risk sometimes is too much kaya medyo nag slide down tayo before from number 2 naging number 3 in the world,” she added.</p><p>To entice more investors, the government has set up the Philippine Geothermal Resource De-Risking Facility, Garin said.</p><p>With support from the Asian Development Bank, the facility allows companies to borrow funds for initial drilling and exploration, even if there is no guarantee that the site will have steam.</p><p>“If you are going to venture into geothermal, through Landbank, we have a funding facility that will be used for your ventures, and then if you’re not successful, it becomes a grant. Hindi mo na babayaran. Pero if you’re successful, then you have a payment scheme na, it’s a loan na,” she said.</p><p>This deal was signed last December. But Garin said she is not yet aware if companies have already applied for this funding. </p><p>She hopes renewable energy companies can take advantage of this facility to entice them to venture into geothermal energy.</p><p>Garin remains confident the country can hit the target of 35 percent renewable energy in the power mix by 2030 and 50 percent by 2040.</p><p>EDC, the largest vertically integrated geothermal producer in the world, welcomed Garin&#x27;s statement. EDC president and chief operating officer Jerome Cainglet said the country needs to attract more investments in the renewable space, particularly geothermal, especially when uncertainties and external shocks in the Middle East are affecting the energy sector.</p><div><a href="https://www.abs-cbn.com/news/business/2026/2/5/gov-t-cuts-red-tape-to-boost-resident-powered-renewable-energy-market-1555" rel="noopener noreferrer" target="_blank">Gov’t cuts red tape to boost resident-powered renewable energy market</a></div><p>“All the more make people appreciate and realize na we really have to be looking into this holy grail of renewable energy which is geothermal,” Cainglet said.</p><div><br/></div><div><iframe width="725" height="408" src="https://www.youtube.com/embed/Ut-MX85b7vU" title="LIVE: Senate holds hearing on the current situation of OFWs in the Middle East" frameBorder="0" allowfullscreen=""></iframe></div>

<p>The Department of Energy (DOE) is now preparing for a worst-case scenario in case the Middle East conflict drags on, affecting the global energy sector.</p>

The Department of Energy (DOE) is now preparing for a worst-case scenario in case the Middle East conflict drags on, affecting the global energy sector.

DOE prepares for worst-case scenario as Middle East war drives fuel costs

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DOE prepares for worst-case scenario as Middle East war drives fuel costs

Jekki Pascual,

ABS-CBN News

Published March 06, 2026 11:25 AM PHT

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Updated March 14, 2026 12:09 PM PHT

Read More:

Department of Energy

oil

fuel

Middle East

war

renewable energy

geothermal energy

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