Wed, October 05, 2022

Austin, Texas - Today, OPEC+ agreed to its deepest production cuts since 2020 when COVID-19 dramatically impacted global demand for oil and natural gas. The decision comes less than three months after President Biden visited Saudi Arabia in an effort to encourage OPEC countries to increase production. The following statement can be attributed to Ed Longanecker, president of the Texas Independent Producers and Royalty Owners Association (TIPRO):

OPEC’s oil output cuts make clear once again why it is so important for the U.S. to encourage domestic oil and gas production and to continue exporting our resources into the global market. Without Texas oil, the impact of OPEC's cuts would be far greater on prices, U.S. consumers and the current energy crisis facing our allies abroad. This year, President Biden implored OPEC to increase production numerous times, while concurrently undercutting domestic production with policies that hinder oil and gas development. It has become painfully evident that we must develop coherent policy to support growing energy demand. Policymakers and this administration must work with the U.S. oil and natural gas industry to support investments in energy infrastructure and domestic production so we are no longer reliant on OPEC and hostile regimes that use energy as a political weapon.”