Commissioner Murphy Statement on Production-related order* Approved TodayWed, 22 Apr 2020 12:22:46 CDT
The global energy landscape has been turned upside down due to the COVID-19 pandemic. While overproduction by Saudi Arabia and Russia has played a role in the collapse in oil prices, the far bigger factor is a drop in oil demand that only weeks ago would have been thought impossible.
There was no way for Oklahoma and other U.S. producers to anticipate and plan for up to 30 million barrels per day of consumption to disappear within just a few weeks.
Thanks to the resourcefulness and ingenuity of America’s oil producers, the U.S. has taken a position of energy independence in this century.
No one understands the oil business better than Oklahoma’s operators. Today’s action by the Commission gives those operators the freedom and flexibility they need to respond to market forces and decide what actions to take to survive. Oklahoma’s oil producers have faced and triumphed over many challenges in the past 100 years.
I have no doubt they will win out even over these previously-unimaginable market conditions.
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