Washington, D.C. – Congressman Michael C. Burgess, M.D. (R-TX), Republican Leader of the House Energy and Commerce Subcommittee on Health, released the following statement on the Organization of the Petroleum Exporting Countries (OPEC) and Russia energy production meeting.
“Over the last decade, America has emerged as a global leader in energy production thanks to the energy sector's technological innovations and productivity growth that have been refined by a vibrant, free market,” said Burgess.
“This year, the price of oil has fallen rapidly due to changing supply and demand throughout the world. Efforts to prevent the spread of the novel Coronavirus have led to less travel and industrial activity, leading to less demand for oil by about 30 million barrels a day. On top of this, Russia and the OPEC have sharply increased production to gain market share from the United States. American energy producers have been caught between a rock and a hard place.
“Yesterday, OPEC and Russia reached a commitment to cut their oil production by 10 million barrels a day, reversing the production increases initiated last month, and are seeking mandatory cuts from the G20 nations.
“I appreciate President Trump’s commitment to maintaining America’s free market principles and our leadership position in the global energy market. That is why I co-sponsored legislation to fill the Strategic Petroleum Reserve. This action would increase America’s energy resilience and save taxpayer dollars by buying petroleum at a low price. It also will give producers a brief window of time to plan and adapt to the changing marketplace.
“While today’s market forces are challenging, I am optimistic for the future of American energy production. The dynamism of our free market system and the spirit of American ingenuity have always pushed America ahead in tough times.”
