The State Chamber of Oklahoma sent today a letter to U.S. Secretary of Commerce Wilbur Ross supporting a request by U.S. Sen. Jim Inhofe, R-Okla., to investigate Saudi Arabia and Russia for destabilizing global oil markets by flooding them with crude oil.
"Time and again, both the Saudis and the Russians have proven that they are not friends of the U.S. energy sector," said Chad Warmington, president and CEO of the State Chamber. "Their manipulation of the global energy market is an attack on America's oil and natural gas producers, and we applaud Se. Inhofe for requesting this investigation."
Due to an ongoing price war between Saudi Arabia and Russia, both countries flooded the market with crude oil throughout the month of March, leading to the lowest oil prices in more than 17 years. The impact has been felt strongly in the U.S., but particularly in Oklahoma where the industry serves as the backbone of the economy.
In response, Sen. Inhofe spearheaded a coalition of U.S. Senators urging Sec. Ross to investigate excessive flooding of oil by Russia and Saudi Arabia that has destabilized global oil markets. Sen. Inhofe was joined in this coalition by Sens. Roger Wicker (R-Miss.), Kevin Cramer (R-N.D.), Lisa Murkowski (R-Alaska), Mike Rounds (R-S.D.), John Barrasso (R-Wyo.), James Lankford (R-Okla.) John Hoeven (R-N.D.) and Dan Sullivan (R-Alaska).
The economic impact is felt even harder as the U.S. and Oklahoma continue to combat the COVID-19 pandemic.
"The one-two punch of COVID-19 and a foreign oil price war has doubled the hardships faced by all Americans," Warmington said. "We need the federal government to respond with decisive action and hold these foreign nations responsible for harming our state and national economy."