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Oil Deregulation Law Ins and Outs

When it comes to Oil Deregulation Law, the first thing that should be done is considering its effects on the economy of Philippines. Nowadays, this country has serious concerns with these effects so that it allows oil companies to adjust their oil prices freely. This is what gradually leads to the increase of basic commodities and economic crisis.

Don’t forget about underprivileged Filipinos because they are primarily affected by these concerns because this law makes their budgets tighter than in the past. There are massive rallies against the government and oil companies as people keep blaming this law in their hardships. They should be well-informed about reasons why the modern oil industry is deregulated and how it happened this way. This step should be taken to get a better idea of the impact of this industry on the entire economy of this country.

The importance, pros, and cons of this law should be discussed to learn more about the effects undergone by this country. It’s also necessary to determine whether the method of deregulating it can improve the lives and economy of people or it will only result in the breakdown of this country’s finances.

You should understand that any deregulation is the method of lifting specific government controls, including the price control on different aspects of a given industry. Oil Deregulation Law was enacted by the congress in 1998 so that the government doesn’t interfere with the prices of import and export oil products, refineries, and retail outlets. This industry wasn’t regulated in the past so that the government had its control over the prices of all oil products. It also adjusted them by subsidizing original prices and that’s why it decided to change this practice. This means that oil deregulation was created because the government of this country had no money to subsidize prices.

Why should the oil industry be deregulated? The main reason is that the government lacks enough money in the budget to subsidize oil prices when they increase, and the money subsidized in the past was taken from taxes. Unfortunately, there are huge debts that must be paid for this reason. There is an opinion that the only chance to develop the economy of this country and pay its debts is to deregulate the oil industry and its prices. Finally, the money used to subsidize oil prices can be used not only to pay debts, but also to cover the costs involved in new school buildings, bridges, hospitals, etc.

When it comes to Oil Deregulation Law, the first thing that should be done is considering its effects on the economy of Philippines. Nowadays, this country has serious concerns with these effects so that it allows oil companies to adjust their oil prices freely. This is what gradually leads to the increase of basic commodities and economic crisis.

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Assignment ID
100000563
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CREATED ON
July 9, 2016
COMPLETED ON
July 10, 2016
Price
$46
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Essay Example Comments
Georgivs
December 2, 2016
Georgivs
An excellent writer,keep it up!
james123
November 16, 2016
james123
Work done as per my expectation, thankyou
james123
November 16, 2016
james123
The work was perfectly done, his portfolio speaks its all