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The town and the rest of south texas went through a massive transformation between 2019 and 014. more than doubled the production putting it on par with some of the largest oil producing nations in world. boom towns emerged in the shale region. they re a lot more organized. and you see the house there? brand new. some people have swimming pools. i do not have an arena at my house. that s oil well? the oil paid for it. the oil paid for that. reporter: the oil paid for lots of things in cotulla, 20 new hotels to house thousands of oil workers coming to town. in 2014 with so much oil on the global market thanks in part to the success of a texas boom, the price per barrel fell from $107 to under $45. oil companies couldn t afford to keep operating here because thousands of workers were laid off, neither could all the hotels. check this out, this is the big ....
Position limits for oil speculators, that would send a very strong signal and i think that would have an impact. but i don t think there is any particular magic wand. but we as well try to focus on some short-term steps. ultimately, we should be diversifying and reduce our extendence, natural gas, not just because pennsylvania is more shale region, but natural gas can play a significant role in diversifying our energy sources, cheaper form of energy, very clean and also one that will reduce our dependence on foreign oil. i think folks want us to have an energy strategy, going forward. greta: toawhat extent can policy control the price of gas? have you some events, like a war in iran, do you anticipate that would drive prices? and are there other external forces that you worry about? oh, sure. that s why, when we focus on the iranian regime, we have to be ....
Statutory authority right now on position limits for oil speculators, that would send a very strong signal and i think that would have an impact. but i don t think there is any particular magic wand. but we as well try to focus on some short-term steps. ultimately, we should be diversifying and reduce our extendence, natural gas, not just because pennsylvania is more shale region, but natural gas can play a significant role in diversifying our energy sources, cheaper form of energy, very clean and also one that will reduce our dependence on foreign oil. i think folks want us to have an energy strategy, going forward. greta: toawhat extent can policy control the price of gas? have you some events, like a war in iran, do you anticipate that would drive prices? and are there other external forces that you worry about? oh, sure. that s why, when we focus on the ....