Countering the Impact of Soaring Oil and Gas Prices
Prices of world crude oil and gas commodities jumped significantly due to increased demand, one of which was triggered by the recovery of economic activity in a number of countries.
Illustration: Management of upstream oil and gas or oil and gas in the Rokan Block, Riau.
JAKARTA, KOMPAS — The government needs to counter the impact of the recent increase in the prices of crude oil and natural gas on the global market as the surge in the prices of the two commodities could affect the allocation of energy subsidies in Indonesia. There should be a long-term program to cope with the oil and gas impacts.
According to Bloomberg, the price of Brent crude oil reached US$78.43 per barrel on Wednesday afternoon (29/9/2021). On Tuesday, the Brent crude price surged to $80 per barrel, the highest since 2018. Meanwhile, natural gas prices were recorded at $5.69 per million British thermal units (MMBTU).