Energy Committee meets to discuss oil downturn

Energy Committee meets to discuss oil downturn

MIDLAND, TX (KWES) - Members of the oil industry throughout the state of Texas were in attendance for the Texas House Energy Resources Committee meeting.

State Representative Brooks Landgraf represented the Permian Basin and spoke about issues that affect this area the most. A main concern is the plummeting price of oil. On Wednesday, the price of oil sits at just over $32 dollars and has been declining for over a year.

"We are going to be ready when the price comes back up and we are going to be stronger than ever," said Landgraf.

Landgraf says restrictions from the federal government have placed burdens on the industry in the Basin and hopes to do more monitoring to increase production.

"We had a lot of push back and outreach from federal government. Agencies that have oversight can sometimes overstep their bounds or get a little too involved. We want to make sure that doesn't happen so the path to production is free and clear in Texas," said Landgraf.

Many of the meeting attendees spoke before the committee to offer their expertise on the industry and make suggestions for how to deal with the crisis. It was brought forward that over 15,000 jobs have been lost within the past year and more layoffs could be on the way.

Some also offered an idea that production and supply needs to decrease in order to improve the industry in the long run but decreases in production will lead to even more layoffs.

Landgraf says he remains positive about the future of the oil industry in the Permian Basin and hopes the state of Texas can reduce any burdens during the economic downturn.

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