The collapse in oil prices is the biggest economic story since the financial crisis. Crude oil prices have plummeted 60 in five years, leading to massive layoffs, production cuts, 2016 brought relief to the Energy Sector with prices rebounding off of decade lows. Anthony the question on investors minds, what happens next . We welcome Legendary Oil investor billionaire Boone Pickens, chairman and ceo of b. P. Capital. What do you see going on with oil today . Its going up because you hit the low in january, 26. 19. Back up to 43 today. Yeah. Okay . Now youre headed, you hit the low, and when you went back and checked it, we went back to 26 twice, now youre going to go twice that in 12 months. By the end here, youll be back to 50. Anthony you think theres a lot of governmental intervention in the market, saudi arabia in particular, and opec driving that . Or is that fundamental supply and demand . No. Weve had five times, since 1980, we have hit a low, rebounded within 12 months. But fou
The collapse in oil prices is the biggest economic story since the financial crisis. Crude oil prices have plummeted 60 in five years, leading to massive layoffs, production cuts, 2016 brought relief to the Energy Sector with prices rebounding off of decade lows. Anthony the question on investors minds, what happens next . We welcome Legendary Oil investor billionaire Boone Pickens, chairman and ceo of b. P. Capital. What do you see going on with oil today . Its going up because you hit the low in january, 26. 19. Back up to 43 today. Yeah. Okay . Now youre headed, you hit the low, and when you went back and checked it, we went back to 26 twice, now youre going to go twice that in 12 months. By the end here, youll be back to 50. Anthony you think theres a lot of governmental intervention in the market, saudi arabia in particular, and opec driving that . Or is that fundamental supply and demand . No. Weve had five times, since 1980, we have hit a low, rebounded within 12 months. But fou
If president obama gets his way, even as he continues to fight efforts by many of us to repeal outdated oil expert ban that would allow us here in this country to send oil to our allies. I think it does beg the question, and part of the discussion hopefully this newing will be with that source of revenue, that iran is anticipating to receive, what do we do with it . What will the intentions of these be . Libby did do good and build hospitals . Libby to direct yet additional sources of revenue to the terrorist organizations. In recent months we have seen a great deal of discussion about isis Oil Production and distribution, and Coalition Efforts to disrupt this source of revenue. Bottom line is that the Islamic State this oil is helping to finance terrorism. Significantly. I have long argued that Energy Security is central to National Security. Last year we released a series of reports. One was entitled Oil Production outages and strategic warnings. Another was iraq, through the lens of
A senator mr. President . The presiding officer the senator from north dakota. A senator i ask the quorum call be vitiated. Mr. Hoeven thank you, mr. President. I rise today to make the case for lifting the 40yearold ban on exporting crude oil. It will benefit not only my home state of north dakota but our nation and our allies in a host of different ways. He thatsie worked hard to include legislation repealing the ban in the yearend Legislation Congress now has under consideration. Importantly, this is mustpass legislation, meaning that it will be very hard for the president to veto the oil exporl export ban. Taken together, the reasons for lifting the Oil Export Ban are very powerful. Doing so would encourage more Domestic Production. It would increase the Global Supply of crude oil, reducing the cost at the pump for our consumers, particularly over the long term. It will help grow our economy and create goodpaying jobs for our citizens. And the last reason is vital the important as
Reserve. Its there for a reason. The word strategic is there in a very significant place. On that front, the proposal by some to permanently ban production in a small sliver of the nonwilderness, which could be the strategic reserve, is just wrong. Its dead wrong. As terrorists threaten oil supplies in the middle east and as state sponsors prepare to make billions of dollars from selling our oil to allies, some within congress are talking about intentionally and severely hurting American Energy production. This hearing this morning is about education. Members of the house and senate and the Administration Must understand the economic and the geopolitical context of the National Interests that we are considering. This committee has a unique perspective, given that over 90 of Iraqi Government revenues are due to oil exports, given nearly 09 of syrias Oil Production is offline and given that oil accounts for over 40 of isis monthly revenue, according to ihs. So you can expect me as chairm