Texas Oil & Gas Association President Todd Staples issued the following statement in response to President Biden’s letter to companies in the Texas oil and natural gas industry:
“It is encouraging the Administration now seems to be embracing oil and natural gas as the essential products they are and seeking input from the industry on the current situation. To be impactful, this recognition needs to be long term, not crisis management. Not long ago, crude oil hit negative prices, a plain confirmation that industry does not determine market prices. The best solution to price relief is more production as the price of oil is determined on a global basis, driven by supply and demand. Unfortunately, this Administration’s policies have actively discouraged the increased production Americans need and now consumers are hurting as a result. Let’s hope this current outreach recognizes that for long term investment to be made there must be long term support.”
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Founded in 1919, TXOGA is the oldest and largest oil and gas trade association in Texas representing every facet of the industry.