WASHINGTON, DC – Representative Dan Crenshaw (R-TX) joined FOX Business recently to discuss the unprecedented threats to American energy independence posed by the coronavirus pandemic and other geopolitical pressures. Crenshaw penned an op-ed in the Washington Examiner to detail potential solutions to save the energy industry, and has discussed these solutions with White House officials. Crenshaw outlined those solutions in his interview with Varney & Co.
A full transcript of Crenshaw’s interview is included below:
“We do have a bunch of solutions, and you’re absolutely right – it is crashing. A lot of producers say this is the worst they’ve ever seen it.
“We do risk losing our energy independence, and so I am sounding the alarm on this. We risk going back to the days of the 1970’s where we are beholden to energy shocks around the world, long lines at the pump, huge, enormous price shocks that we might see $90 per barrel.
“It’s really cheap right now, but if we lose our independence, you could see some disastrous consequences. So how do we fix that?
“Well, one idea was to buy into the Strategic Petroleum Reserve. That would be some relief for our producers. Of course, Democrats said no to that. They can’t stand the idea of helping anything in the oil and gas industry. But instead of selling, we should be buying into it. So that’s one thing.
“Royalty relief for some of our producers. That would be, again, a short-term fix.
“Allowing oil and gas companies to have some forbearance on their bank loans. That would also be helpful.
“So, these are some things that we can do in the short-term just to keep our industry alive.
“In the long-term, we need to come to better agreements with Saudi Arabia and Russia and look at the output they’re putting in. I know the president talked about some hopefully good news that they start to cut some of their exports. That may help oil prices as well.
“But, we need to ensure that we have an actual American energy policy, and fight to keep price stability for our producers.”
This comes as Crenshaw last month led a bipartisan group of 13 lawmakers in calling on the Department of the Interior (DOI) to cut royalties on offshore oil and gas.
Crenshaw also sent a letter with Reps. Liz Cheney (R-WY) and GarretGraves (R-LA) to Energy Secretary Dan Brouillette, asking the Department to delay sales from the Strategic Petroleum Reserve (SPR), which they did the next day.