DOE pushes for strategic oil reserve plan

Energy Secretary Alfonso Cusi is pushing for the expedited implementation of the Department of Energy’s (DOE) strategic petroleum reserve plan.

The plan aims to cushion the impact of oil price hikes in the domestic market and will be implemented in two phases: short-term and long-term.

In the short term, the government plans to lease spare capacity from existing storage tanks of oil companies.

Cusi also reiterated the DOE's proposal to build a government-owned strategic petroleum reserve infrastructure to manage supply and disposal systems.