There's Good News and Bad News for the Texas Oil Industry. The Good News: Crude Oil Prices are $6 higher than before the pandemic. Petroleum Economist Karr Ingham says it's mostly because OPEC and OPEC + are cutting their oil production. He says the bad news is the Biden Administration. "We're now producing in Texas close to 45% of the nation's crude oil production. If you think they're not coming for us, you'd be wrong about that. They're just trying to figure out a way to do it." Stopping the pipeline completion and the new drilling on federal land and offshore will hurt. "And then this will harm Texas and especially Houston and every household that works in the industry."
Ingham continues, "It seems clear that this is administration is hostile to the oil and gas industry in the United States. That means they are also hostile to the United States consumers who continue to demand these products." Ingham says the Texas Oil Industry will especially suffer.