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Biggest amount in seven years. Largely because of President Trumps pro business agenda. We have the full details on how it could impact your business coming up. Meeting with saudi Arabias Deputy Crown prince. This is on the heels of opecs new report showing conflicting data on saudis Oil Production. Saudi arabia directly reported to opec it increased Oil Production in feb to 10 Million Barrels a day. This conflicts with the secondary sources that saudi Oil Production decreased. Lets bring in brenda shav schaeffer from georgetown, university. An issue thats hurt oil prices before we go on to saudi and opecs impact and that, of course, is u. S. Inven ....
This House Foreign Affairs subcommittee hearing is an hour and a half. We will now call a hearing to order. This is a very important hearing in my opinion. Some of them are not nearly as important as others. This one is extremely important because greg and i, the Ranking Member, we are all concerned about the influence of iran in the entire region, also in the gulf region. So today we are here to discuss the expanding influence in the south caucasus, but were also talking about, i intend to talk about some of the problems in the Persian Gulf Region because thats a vital interest to us. The straits of hormuz, persian gulf, or the swiss canal are blocked in any way they could have devastating impact on the United States because we still get a large part of ....
We remain to work in a bipartisan manner to achefer these objects. Thank you to both of you for your testimony. Mr. Hochstein, you talked about the things that ukraine needs to do in order to reform its energy markets. This is the most energy inefficient country in the entire region and ill direct the question to you but happy to have mr. Yee respond as well. The reforms they need to need take are dramatic and the effective of those reforms done too precipitously is perhaps too destabilizing in a country that doesnt need much more instability. The vector between what gas prices are today and what they would be without the subsidy is enormous. The amount of money they have to spend on reengineering this wildly inefficient soviet Energy Architecture is essentially almost a rip down and build back up proposition. So, how do we ask ukraine to do this without requiring them to spend money they dont have, and impose price increases ....
And principles. So, we have that frank dialogue. We are able to do that with a very strong embassy team there. I think we need to continue to do that. It helps when members of congress visit the capitals to reinforce the message that we take corruption very seriously, not only as a matter of economics, or of moral principle, but as a matter of National Security. And until an ambassador is appointed, has the administration considered reappointing or asking mr. Butcher to stay on . Hell complete the tenure this summer. Theres another sar shay affair and take over by the end of the summer. Okay. Im sure senator murphy agrees with me we dont want to see a void there in romania. It is important we dont do that. Mr. Hochstein, you were talking about developing shale gas in europe. Do you have or does the u. S. Have any estimates or europe in terms of the oil and gas potential is if they were willing to exploit it . Yes, senator. We w ....
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