The Department of Energy (DOE) said it supports the review of the Oil Deregulation Law as the government looks for ways to strengthen fuel supply security, improve industry transparency, and protect consumers from volatile global oil prices.
Energy Secretary Sharon S. Garin presented the DOE’s position during a joint public hearing of the Senate Committee on Energy and three other Senate panels.
The hearing, presided over by Sen. Erwin T. Tulfo, tackled proposed measures seeking to improve the implementation of the Oil Deregulation Law and make the country’s petroleum supply system more stable and responsive.
The discussions focused on proposals to strengthen transparency and accountability in the oil industry, cushion consumers from sudden price movements, and ensure a reliable supply of petroleum products.
The DOE said it is committed to working with Congress and other stakeholders in crafting policies that will improve fuel security, safeguard consumer welfare, and build long-term energy resilience.
The agency said the review comes as energy security remains a key concern for the country amid continuing global market uncertainties affecting fuel prices and supply.