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Sen. Cruz in Midland Reporter-Telegram: Standing With Trump in Support of Texas Energy Producers

Participates in President Trump’s tour of Double Eagle Oil Rig in Midland, Texas

July 29, 2020

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202-228-7561

MIDLAND, Texas - U.S. Sen. Ted Cruz (R-Texas), who today will join President Trump's tour of the Double Eagle Oil Rig in Midland, Texas, wrote an op-ed for the Midland Reporter-Telegram ahead of the visit. In the op-ed, Sen. Cruz highlights the importance of championing Texas' energy producers and warns against Democrats' radical and out of touch plans to decimate the energy industry.

Sen. Cruz wrote:

"Just a few months ago, before the deadly coronavirus pandemic brought our booming, blue-collar economy to a halt, the United States was the No. 1 producer of both oil and natural gas on the planet, surpassing both Russia and Saudi Arabia in crude oil production, and we had become a net exporter of natural gas. And although it didn't make many headlines, increasing natural gas production had resulted in the United States leading the world in reducing carbon-dioxide emissions, while providing affordable energy to all Americans.

"The United States, with Texas at the helm, had ushered in an American energy renaissance."

WATCH: Natural Gas: Clean and Critical to America's Energy Independence

He continued, warning against Democrats' radical Green New Deal:

"Meanwhile, Democrats, including former Vice President Joe Biden, think it's a good idea for Congress to pass the Green New Deal, which would decimate the energy industry and cost each American family roughly $65,000 a year at a time when more than 40 million Americans are out of work -- so imagine what would happen to the economy and the energy industry if Democrats win in November. And if elected, Biden, mark my words, will fight to ban fracturing."

WATCH: A Ban on Fracking Would Be Bad for the Economy

WATCH: Democrats Declare War on America's Blue-Collar Boom

He concluded:

"Ensuring our energy industry remains viable during this pandemic is imperative to Midland-Odessa, to the rest of Texas and the entire United States.

"Now, more than ever, it's time to champion America's energy independence, protect our national security, spur economic growth, lower energy costs, and support the hundreds of thousands of blue-collar workers across this country whose livelihoods rely on a vibrant energy industry."

Read the full op-ed here and below. As the son of parents who owned a small oil services business, Sen. Cruz's knows firsthand the challenges facing America's blue-collar energy workers and producers during these unprecedented times. Throughout his time in the Senate, Sen. Cruz has been a leading advocate for American energy producers. Learn more about his efforts here.

Standing with Trump in support of Texas energy producers
Midland Reporter-Telegram
Sen. Cruz
July 28, 2020

Wednesday, I'll join President Trump in visiting Double Eagle Energy in Midland at a critical time for Texas' energy industry. Just a few months ago, before the deadly coronavirus pandemic brought our booming, blue-collar economy to a halt, the United States was the No. 1 producer of both oil and natural gas on the planet, surpassing both Russia and Saudi Arabia in crude oil production, and we had become a net exporter of natural gas. And although it didn't make many headlines, increasing natural gas production had resulted in the United States leading the world in reducing carbon-dioxide emissions, while providing affordable energy to all Americans.

The United States, with Texas at the helm, had ushered in an American energy renaissance.

Then the pandemic hit, and as we've worked to slow the spread of coronavirus, flight restrictions have grounded planes and stay-at-home orders have taken many cars off the road, causing the demand for oil to plummet. The decline in both price and demand created a perfect storm for the energy sector. As the Wall Street Journal put it, "since the new coronavirus hit, the world's thirst for oil has vanished, creating an unprecedented crisis for one of the planet's most powerful industries." To make matters worse, Saudi Arabia and Russia exploited the pandemic to flood the global oil market, drive down prices and drive their competitors - U.S. producers - out of business. In antitrust law, these actions could be considered predatory pricing. And it was nothing short of economic warfare.

We needed to act. So first, I joined a dozen other senators in holding Saudi Arabia and Russia accountable for engaging in predatory pricing during a global pandemic. After several weeks of heated negotiations with those parties - conversations that were as bare-knuckled and candid as any I've participated in with world leaders - we reached a deal for them to significantly cut oil production amid this emergency. That was an important first step in addressing the price of oil.

Second, I sat down with President Trump and major energy CEOs to ensure that banks were not discriminating against energy producers, even as left-wing enthusiasts fought to exclude them. Following that meeting, President Trump directed Energy Secretary Dan Brouillette of Texas to work with Treasury Secretary Steven Mnuchin to make sure our small and independent energy producers have access to the emergency relief loans that small business in other industries have to try to keep their wells producing, their doors open and their employees on the payroll.

I also called on Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell to immediately establish a new lending facility - a lifeline - that would provide immediate emergency liquidity for oil and gas businesses, and I'm happy to say that the Federal Reserve responded to my request by altering their Main Street Lending Program to allow energy companies to qualify for much-needed relief.

In the Senate, I worked with my colleagues to introduce bipartisan, bicameral legislation to provide $3 billion in funding to purchase crude oil produced in the United States for the Strategic Petroleum Reserve. This commonsense proposal should have already been signed into law with the emergency relief bill Congress passed in March, but it was cynically blocked by Democratic leadership in the House and Senate at the last minute. Meanwhile, Democrats, including former Vice President Joe Biden, think it's a good idea for Congress to pass the Green New Deal, which would decimate the energy industry and cost each American family roughly $65,000 a year at a time when more than 40 million Americans are out of work -- so imagine what would happen to the economy and the energy industry if Democrats win in November. And if elected, Biden, mark my words, will fight to ban fracturing.

Along with energy producers across Texas, I'm working hard to make sure that America's energy renaissance continues as much as possible despite the pandemic, and that our blue-collar energy workforce is not left behind struggling to support their families. Every day, I work to be the leading advocate for energy in the U.S. Senate. There are 9,000 independent U.S. oil and gas companies that support 4.5 million jobs across the country. Energy is a critical American industry, and we can't afford to lose the ground we've gained. Earlier this year, the Permian Basin was producing 4.8 million barrels of oil a day, making it the largest producing oil field in the United States. Ensuring our energy industry remains viable during this pandemic is imperative to Midland-Odessa, to the rest of Texas and the entire United States.

Now, more than ever, it's time to champion America's energy independence, protect our national security, spur economic growth, lower energy costs, and support the hundreds of thousands of blue-collar workers across this country whose livelihoods rely on a vibrant energy industry.

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