K.Querry | KFOR-TV
While many Americans are worried about the coronavirus pandemic, oil and gas companies are also concerned about the sudden drop in oil prices.
The Oklahoma Energy Producers Alliance is calling on the Oklahoma Corporation Commission to protect the state’s oil during the oil price collapse.
“Oklahoma oil is now selling below $20 per daily barrel, which is a price well below its ‘actual value’ and the Oklahoma Corporation Commission should take action,” said OEPA Chairman Dewey Bartlett, Jr.
Sen. Jim Inhofe has asked the U.S. Department of Commerce to investigate Saudi Arabia and Russia for ‘dumping’ in our market.
“We are not suggesting that the Commission shut down all oil production in Oklahoma, although that is certainly within their power to do so. There are many actions they can take under that authority that would have a positive effect on a chaotic market,” said OEPA President and Ardmore oil and gas producer David Little.