If the government can coercively regulate anything, it can regulate everything. If the government can now regulate tobacco (which it is moving to finally do), it can regulate oil. If tobacco is cancerous and dangerous and addictive and the people need warnings and help getting off and not starting, then oil may be treated the same way. Otherwise, we must leave everything to the individual and collective heart and hold no threat of coercive violence over anyone's head.
The problem with deregulation is that it came out from souls who didn't have it in their hearts to do the right things. The more unrighteous and most unrighteous pushed for deregulation.
What we need is a push for self-regulation that enhances the law as Jesus enhanced the law of Moses. Jesus said not to love you neighbor and hate your enemy but also love your enemy.