The Petroleum Alliance of Oklahoma supports U.S. Sen. Jim Inhofe’s call for a federal investigation into attempts to artificially lower crude oil prices to harm American businesses.
Inhofe requested U.S. Commerce Secretary Wilbur Ross launch an investigation against the Kingdom of Saudi Arabia and the Russian Federation under Section 232 of the Trade Expansion Act. The Alliance sent Ross a letter in support of Inhofe’s request.
“Russia and Saudi Arabia’s decision to flood an already over-supplied market has hurt our economic health and weakened our national security,” said David D. Le Norman, chairman of the Petroleum Alliance of Oklahoma. “We hope Secretary Ross will take immediate action in pursuing an investigation into these actions meant to deliberately undercut American security.”
“Alliance members are being disproportionality harmed by Russia and Saudi Arabia’s manipulation of the oil markets, and we support Sen. Inhofe’s call for our government to respond with swift, decisive action,” Le Norman said.
The Alliance represents every segment of the oil and natural gas industry in Oklahoma, which ranks third in natural gas production and fourth in crude oil production nationally.