Texas RRC Chairman applauds President Trump on energy negotiations
AUSTIN - Texas Railroad Commission Chairman Wayne Christian (R) applauded President Donald Trump on his international negotiations to stabilize crude oil prices.
Crude oil futures improved after the President tweeted "Just spoke to my friend MBS (Crown Prince) of Saudi Arabia, who spoke with President Putin of Russia, & I expect & hope that they will be cutting back approximately 10 Million Barrels, and maybe substantially more which, if it happens, will be GREAT for the oil & gas industry!" Trump later went on to clarify that the cuts could be as large as 15 million barrels.
"President Trump understands that American energy dominance has given us far more than economic growth and jobs," said Christian. "It has given us unprecedented national security."
"The double punch of demand drops associated with COVID-19 and an international price war has been devastating to Texas producers and the hundreds of thousands of Texans they employ," continued Christian. "It is essential for us to stabilize the market quickly to ensure the future survival of the industry."
Over the last few weeks, Christian has been in regular contact with both state and federal elected officials, the Department of Energy, and industry executives, leaders, and stakeholders to see what can be done as a state or nation to stabilize the market.
Today, the Railroad Commission of Texas announced an open meeting on Tuesday, April 14th to discuss the issue of proration. You can view the posting on the Secretary of State website at https://texreg.sos.state.tx.us/public/pubomquery$omquery.QueryViewByKey?P_OM_ID=224582&Z_CHK=32312. If you would like to submit comments with your thoughts on the issue please follow the instructions in the posting and submit by Wednesday, April 8th. The comments will be reviewed, and some commenters will be asked to testify live during the meeting.
Chairman Christian recently discussed his views on the issue of proration in an editorial in World Oil Magazine. You can read the op-ed at this link https://www.worldoil.com/news/2020/3/25/texas-rrc-chairman-wayne-christian-we-must-stabilize-worldwide-oil-markets.
