Texas Oil Regulator Accuses Saudi Arabia and Russia of Dumping Crude on U.S. Markets

The Interstate Oil and Gas Compact Commission (IOGCC) this week passed Railroad Commission Chairman Wayne Christian’s (R – Texas) resolution urging the federal government to investigate excessive dumping of crude oil by Saudi Arabia and Russia and take appropriate action. “For much of 2019 and early 2020, Saudi Arabia shipped relatively little crude to America, with average arrivals running at about 475,000 barrels a day,” said Christian. “After the COVID-19 pandemic crippled the U.S. oil and gas industry, Saudi Arabia shipped 1.3 million barrels a day to our nation, roughly four times February’s daily volume and the highest figure since 2014.” “Flooding the market during ongoing negotiations with President Trump and the international community is disingenuous,” continued Christian. “More than 100,000 oil and natural gas jobs in the United States have been lost according to Rystad Energy Group. Our federal government must push back against international efforts that harm American energy dominance.” Worldoil