American Oil & Gas is Vital to Economic Recovery, Environmental Progress, National Security
AXPC Congressional Letters Underscore COVID-19’s Effects on the Oil & Gas Industry
WASHINGTON – Because of the COVID-19 pandemic, the American oil and gas industry is experiencing virtually unprecedented demand decline coupled with serious supply disruption – a combination that has undermined the financial health of our industry. To outline how AXPC is committed to solutions to help companies continue to invest in our economy and American energy, AXPC CEO Anne Bradbury submitted letters for the record to the House Committee on Energy and Commerce and the U.S. Senate Committee on Energy and Natural Resources today, in advance of their hearings on COVID-19’s effects on the oil and gas industry.
“I’m pleased the committee held this hearing today on the COVID-19 virus’ devastating impact on the energy industry. As someone who represents energy rich Eastern and Southeastern Ohio, energy development is more than important to many here – it’s a way of life. Our global adversaries are watching every move we make, and it’s imperative we do all we can to retain America’s hard-fought energy dominance. In our ever-changing world, energy security is no longer a luxury – it’s a necessity,” Congressman Bill Johnson (R-OH).
“We are an industry with a long-term focus. We know that global oil and gas demand will take time to reignite. As American companies committed to our workers, our communities, and our country, we look forward to working together on solutions that ensure a vibrant U.S. oil and gas industry, a growing prosperous economy, and energy security that protects our interests at home and abroad,” said AXPC CEO Anne Bradbury.
Data from IHS Markit shows that U.S. independents combine to produce about 83 percent of the nation’s oil production and 90 percent of its natural gas and natural gas liquids (NGL) production.
AXPC’s letters outlined how: COVID-19 destroyed jobs and stressed state budgets; oil market manipulation hurt the U.S. oil and gas industry; and, how demand destruction from economic shutdowns exacerbated market conditions. Additionally, Ms. Bradbury’s testimony explained how the U.S. should utilize the Strategic Petroleum Reserve (SPR) to reduce strain on storage capacity, China should be held to Phase 1 energy commitments, and how the oil and gas industry is committed to free-market principles.
The AXPC letters can be found here.
About the American Exploration and Production Council:
The American Exploration and Production Council (AXPC) is a national trade association representing the largest independent oil and natural gas exploration and production companies in the United States. We lead the world in the cleanest and safest onshore production of oil and gas, while supporting millions of Americans in high-paying jobs and investing a wealth of resources in our communities. Learn more at https://www.axpc.org/