The budgets of the largest energy resource exporting countries depend to a large extent on the macroeconomic indicators, such as exchange prices for raw materials, growth rate of the world economy, as well as on the world economy demand for these raw materials. In the conditions of volatility of world prices for raw materials, the issue of effectiveness of the system of public administration and regulation of strategically important sectors of the Russian economy is most acute. The energy complex of Russia still remains the basis of domestic economy, for this reason the prospects for economic growth and improving the population well-being depend on the quality and effectiveness of its regulation. The article considers the main administrative problems existing for today in regulating the activities of the fuel and energy complex in Russia. Each of the identified problems is confirmed by the statistical data and mathematical calculations. The article also examines the operation features of the country's largest oil companies, includes a comparative efficiency analysis with the foreign companies, and puts forward the offers for improving the quality of state regulation of the country's fuel and energy complex. The authors of the article also offered some measures to reduce the negative effects of a significant drop in world prices for the raw materials.