Two oil companies serving Micronesia were asked to find ways to lower fuel prices and invest in developing renewable energy sources in the region.
The Saipan Tribune newspaper reports Exxon Mobil and Shell made presentations on their operations at the 7th Western Micronesia Chief Executives Summit, this week.
Both companies have been urged to assist the island governments in reducing the cost of fuel and invest in research on renewable energy.
Alan Heng, Exxon Mobil manager for the Pacific said since fuel costs are largely driven by product specifications, the islands may have to consider changing the specifications of the oil product they purchase.
And Shell's-North Pacific president Ruben Domingo said one way to stabilize oil prices is by locking in prices at a certain level through "hedging."
