We want to be clear: our industry is not seeking a bailout from the federal government

FOR IMMEDIATE RELEASE

Contact: Liz Bowman, 202-920-1505

AXPC is advocating for market-based solutions that will help alleviate the severe supply/demand imbalance

WASHINGTON – March 13, 2020 –  Anne Bradbury, CEO of the American Exploration & Production Council sent a letter this week to U.S. Senate and U.S. House Leadership this week outlining the impact this week has had on our nation’s large and medium-sized independent oil and gas producers, and what can be done to help manage this crisis.

“We want to be clear: our industry is not seeking a bailout from the federal government.  This goes against the business-minded, and entrepreneurial spirits of our members, who believe in the free market.  What we are seeking is a restoration of a functioning, stable, global market for oil, which removes artificial manipulation of the global marketplace,” said AXPC CEO Anne Bradbury.

AXPC CEO Anne Bradbury’s letter to Speaker Pelosi, Leader McConnell, Leader McCarthy and Leader Schumer on behalf of AXPC member companies, who have been the most severely affected by the oversupply from global markets being flooded with an additional four million barrels of oil a day compounded with the slowing demand for product due to the Coronavirus, stating:

We believe that a diplomatic solution could help ease tensions and help restore  balance.

– We endorse economy-wide measure to provide support American workers across multiple sectors impacted by recent events to help stimulate the economy.

– AXPC companies are advocating for market-based solutions that will help alleviate the sever supply/demand imbalance currently happening. Examples include:

– U.S. Department of Energy’s announcement to postpone sale of oil supplies from the Strategic Petroleum Reserve and support for additional flexibilities the Administration can provide to stabilize the market.

– Temporary waivers to the Jones Act; we believe a temporary waiver can allow American producers to move domestic products with greater ease within the U.S.

For a copy of the full letter, please email lbowman@axpc.org.

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About the American Exploration & Production Council:

AXPC is a national trade association representing 25 of the largest independent oil and natural gas exploration and production companies in the United States. Dedicated to safety, science and technological advancement, AXPC members strive to deliver affordable, reliable energy to consumers while positively impacting the economy and the communities in which we live and operate.  Learn more at https://www.axpc.org/

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