RRC Porter: OPEC Decision Undermines Texas Economy
Asks Texas Congressional Delegation to Level Playing Field by Redoubling Efforts to Eliminate Export Ban
AUSTIN – Commissioner David Porter sent a letter to the Texas congressional delegation today in response to the oil output levels established by the Organization of Petroleum Exporting Countries (OPEC) at its summit in Vienna last week. Led by Saudi Arabia, Iraq, Iran, Kuwait, and the United Arab Emirates, OPEC has chosen to continue flooding an excess of fuel into the international market in hopes of gaining market share by eliminating competition, primarily from U.S. domestic production.
“OPEC nations are taking advantage of an outdated Federal law that bans crude export from the United States,” said Porter, who currently serves as the senior member of the Railroad Commission of Texas, the state’s energy regulatory agency. “Congress and the President have the opportunity to level the playing field by repealing the law, while boosting American jobs and the economy in the process.”
OPEC executives have openly stated their intention to lower oil prices in order to minimize the American shale industry’s market share. Texas’s extensive shale formations support a major portion of the state’s economy and jobs.
Commissioner Porter urges Texas delegates to redouble efforts to end the crude export ban, arguing that the ban gives an unnecessary advantage to countries like Russia, Iran and Saudi Arabia over American ingenuity and industry by restricting American crude oil producers from competing in international free markets. The ban was created in the 1970’s as a response to American fears over dwindling resources.
In the letter, Commissioner Porter wrote: “Thanks to the shale revolution, we no longer live in an age of energy scarcity. Rather, we are in a new era of energy abundance – an era we must fully embrace if we are to sustain the ‘Texas Miracle’ and lead the way in global energy security.”
Commissioner Porter was elected statewide to the Texas Railroad Commission on November 2, 2010. A Certified Public Accountant and successful small business owner, Commissioner Porter has worked with oil and gas producers for nearly three decades providing strategic financial advice and tax counsel. Commissioner Porter is the senior member of the Railroad Commission with a proven record of pro-business, free market, conservative leadership.