Energy Columns in BusinessWorld

*  BusinessWorld  May 3, 2023. -------------- The persistent lobby for energy transition from fossil fuels (oil, gas, coal) to renewables (wind, solar, etc.) and moving to “net zero” carbon dioxide emissions is anchored on the assumptions (among others) that fossil fuels are non-renewable and will soon be depleted, and that this will cause large-scale global economic turmoil if the alternative renewables are not ready in high volumes. Are these assumptions correct and realistic? If yes, fine. If no, then all the economic and energy policies leading to net zero are also wrong and distortionary. To help answer this question, I put together this table and limited the annual data for proven oil and natural gas reserves to 1980, 2000, and 2020. Reserves/Production (R/P) measures how many years the reserves will last if current production by a country (both for domestic use and exports) is constant. So, an oil R/P ratio in 2020 of 27 for Brunei means it will take 27 years before its oil rese

*  BusinessWorld  April 26, 2023. ---------------- Last week, the Development Budget Coordination Committee (DBCC) held a press conference on the revised macroeconomic and fiscal targets from 2023-2028. The DBCC — or the economic team — is composed of the Secretaries of the Departments of Finance and Budget and Management (DoF and DBM), the National Economic and Development Authority (NEDA), and the Governor of the Bangko Sentral ng Pilipinas. It is good that the economic team is keeping the original growth targets at 6-7% for 2023, and 6.5-8% for 2024-2028. As argued in this column last Monday, the Philippines’ quarterly GDP growth momentum in 2022 plus employment data as of February 2023 show that the domestic economy is dynamic, and local businesses can sustain a virtuous cycle of production-consumption at higher and rising levels. I also think that the macroeconomic assumptions to make the growth projections are realistic. For instance, the Dubai crude price of $70-$90/barrel for 2