Despite of what others may think, oil deregulation is not detrimental to the economy in any way. It will actually help the economy by providing safe and fair trading regulations to every country that seeks to have or import oil. Regulations in the oil industry is very beneficial to the economy and everybody including big oil companies will benefit from these regulations.
If oil is regulated by the government, new oil players will not emerge, thus no competition. In Economics, competition is healthy to the economy as it helps lower the prices of commodities. Two oil businesses in same location want more customers, lowering the price of their products is one way to attract customers. Consequently, the result is beneficial to the economy of a country as prices are lowered and people are satisfied.