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Transcripts For CSPAN2 US Senate 20161213

Local spending from exploration of production dropped by a whopping 10 6 in twirch and is increased by 22 this year. Altogether this amounts to more than 300 billion dollars in lost investment to this industry. Yesterday, [inaudible] some of the focus was reporting high in numbers. Especially between 2015 through 2020. Recently in new deli we have figures rarng between 1 trillion are to 2 trillion are within this period. This track is not to continue in unprecedented in the history of the oil industry. We have never had this in investment for three consecutive years in our history. This is a frightening situation when you consider that it must be according to our oil outlook and must have 10 trillion in Oil Related Investment is required n to to meet future oil demand and the industry must not be able to emit this level of investment. These factors are the reasons decided it was time to take action and that action were there for the industry. And let me say also for the first time, we

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