NM Congressman Pearce: American Energy Production Driving Global Market

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FGGAM NEWS just received this news release from Congressman Pearce:

PEARCE: AMERICAN ENERGY PRODUCTION DRIVING GLOBAL MARKET

Washington, DC (November 30, 2016) Today, the members of the Organization of the Petroleum Exporting Countries (OPEC) reached a deal to cut production by 1.2 million barrels a day. Congressman Pearce issued the following statement in response to the beneficial news for American energy producers:

 

“OPEC’s production cut is great news for energy producers in New Mexico and around the nation. This action should raise the price of American oil, increasing production and creating jobs in New Mexico. Higher oil prices and increased production in New Mexico will not only help the national economy, but will add much needed revenue to the State budget, aiding everything from schools to hospitals in our State.

 

“For decades, OPEC controlled the supply and demand of oil. This control ended last year when Congress lifted the 40 year export ban on US crude oil. Since then, OPEC has done everything it can to undercut the market and shut down jobs and development in New Mexico and around the country. Thankfully, the resiliency and quality of our production process in the United States has been harder to supplant than OPEC thought. Today’s production cut is a realization by OPEC that the American energy revolution is real, and our nation’s oil industry can drive the global market. I look forward to working with the new Administration to encourage more production to make sure energy jobs stay here and are not sent back overseas.”

 

BACKGROUND: In November 2014, OPEC essentially lifted all output quotas so its members could compete with a global boom in oil production. That decision led OPEC to record-high production, adding more supply to an already flooded market and eventually dropping prices below $30 a barrel, so low that many worried it could fuel a global recession.https://www.wsj.com/articles/opec-deal-to-curb-production-in-doubt-oil-prices-rebound-1480481281steve pearce

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