The Department of Energy (DoE) is seeking congressional authority to seize hoarded petroleum products, impose stiffer penalties on profiteers and require a strategic fuel reserve under proposed amendments to the Oil Deregulation Law, BusinessWorld reported.
At a Senate Energy Committee hearing on Thursday, Energy Secretary Sharon S. Garin outlined the proposed measures, which aim to strengthen the country’s energy security and prevent market manipulation.
The amendments would give the DoE greater enforcement powers to address hoarding and profiteering, which have been recurring concerns during supply disruptions. The strategic fuel reserve requirement is intended to ensure sufficient supply during emergencies.