The Department of Energy (DOE) is exploring alternative funding options for the country's planned strategic oil reserve to ensure the project can proceed without drawing on the national budget, according to a report by Philstar Biz .
The strategic oil reserve is intended to ensure energy security and stabilize fuel supplies during disruptions. By keeping the funding off the national budget, the DOE aims to avoid adding to the government's fiscal burden while still pursuing the initiative.
The DOE is currently studying various funding mechanisms, including public-private partnerships and other innovative financing models, to support the reserve without resorting to taxpayer money. Further details are expected as the feasibility study progresses.