I’m open to reviewing the Oil Deregulation Law to improve transparency among industry players and assess the benefits to our consumers. Considering that this is a 24 year-old law, the review can be helpful in optimizing the oil industry.
However, a fundamental problem on why we are experiencing high prices of oil is because of our over dependence on imported oil. We import almost 100% of our oil requirements. As long as we import oil, we will be susceptible to global oil shocks that we have absolutely no control of.
As a way forward, we need to explore new domestic oil and gas reserves, transition to renewable energy as well as electric vehicles in the medium to long-term.
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