How can we honour our agreement with Australia to supply refined oil?

 [18/04, 9:33 pm] ☸️  Danny 心: https://vt.tiktok.com/ZSHTaCFkx/

Dr Clemen Chiang on oil crisis support.

@Babe:1. Why we can export oil to Australia but not subsidise our oil?
2. Because we need LNG to produce electricity - 95% for Singapore houses, office, commercial, industrial and government offices.
To even treat the water we drink.
3. in energy crisis, the appropriate economic and financial measures is to reduce demand and preserve supply.
Subsidise oil will encourage more demand and usage on oil - accelerating the depletion of oil.
4. Look at countries that subsidise oil, many petrol stations get dry up.

[18/04, 9:33 pm] ☸️  Danny 心: @Babe:1. Subsidizing petrol is using taxpayer's money paid by the majority to finance a few privilege minority that drive.
2. No responsible government, the custodian of the taxpayer money will abuse it to benefit a few privilege.
3. If you want to drive, pay the market price of the petrol.
4. Else take public transport.
5. Business and delivery instead will get help from government to cushion the high petrol prices to get their business and jobs going.
This is the hallmark of a responsible government.

[18/04, 10:18 pm] ☸️  Danny 心: 1. Government need to buy crude oil at the escalating high market price. We don't own the crude oil.
2. Singapore refine the oil to sell to consumers or export the refined oil - to earn oil revenue. We cannot sell at a lower price and inherit loss.
3. Subsidizing or making petroleum price low - will deplete our fiscal budget just for the benefit of the few privilege who drive - is economically and politically wrong.
4. Instead tax revenue earn by the government should holistically targeted to benefit every citizens, business and create jobs - to cushion against the high energy costs.

[19/04, 4:13 pm] ☸️  Danny 心: @Babe:1. So will crude oil dry up if Hormuz straits continue to be block?
2. Depends, because as long as there are demand for oil to power their electricity, willing to pay the market prices, crude oil not from Middle East will continue to flow to our oil refineries to refine the oil - so that we can continue to sell to our retail customers and our export customers.
3. Eg. crude can come from Latin America, Africa, US etc. - as long as customers willing to pay market price for the oil, crude oil will come into our refineries.
4. Hence we cannot lower our oil prices or subsidies refined oil in Singapore - because crude oil will flow elsewhere that are willing to pay market price instead of to our refineries.

[19/04, 4:18 pm] ☸️  Danny 心: @Babe:1. So can we honour our agreement to supply Australia with refined oil?
2. Yes we can as long as we pay market price for the crude oil. Because crude oil will flow to our refineries as long as we can pay.
3. So how can our government subsidize oil, it will be a black hole sucking our fiscal budget dry.
4. So if car drivers cannot pay high petrol prices, take public transport and don't drive.
5. Else we can't secure the 95% LNG with Australia if we cannot honour our agreement with Australia to keep our refined oil going just to please the minority drivers abusing their privilege.