Amid oversupply and economic shocks, Oklahoma oil producers ask Corporation Commission for help
Erin Beu | KOCO
Oklahoma oil producers say the industry is in its worst state in decades, and they’re asking the Oklahoma Corporation Commission for assistance and guidance.
A global oversupply and the economic fallout from the coronavirus pandemic have pummeled the industry recently.
An Oklahoma Energy Producers Alliance estimated that the state is overproducing 100,000 barrels of oil a day.
On a virtual conference call, members of the organization expressed their concerns.
“A lot of us on this call have never been through the situation where we are right now,” said Mike Cantrell, past president of the group.
“People continue to flood the market with unneeded oil,” OEPA board member David House said.
“If there’s no demand for it, there’s no use for it,” said Dewey Bartlett Jr., the group’s chairman.