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Energy independence for the United States is something we’ve been pushing for as a nation for decades. In recent years, we’ve reduced our dependence on the Middle East and helped maintain stability in the market. But both Saudi Arabia and Russia are producing enough to drive the prices down in an effort to destabilize the market and bankrupt American energy companies.
The coronavirus crisis has reduced energy use, particular oil and natural gas, across the globe. As a result, energy prices have gone down. That’s a good thing, right? Gas prices are at levels lower than we’ve seen in over a decade. But what many do not realize is that prices that go too low have a very negative effect on the overall economy, including the potential for the loss of a large number of jobs.
Senator Ted Cruz and others in states that are energy producers met with the Saudi ambassador to discuss the price wars happening in the energy industry today.
“It was the most bare-knuckled, candid conversation I’ve ever had with a foreign leader in eight years in the Senate,” Cruz said. “No state in the union does more business with Saudi Arabia than Texas. And right now, you’re taking advantage of a global health pandemic to try to screw and bankrupt people across Texas, and it is devastating.”
The Senator was relaying the story to his “Verdict” co-host Michael Knowles from The Daily Wire. Their podcast has shot up the charts in recent weeks.
“The thirteen of us who signed onto the letter as a matter of national security have consistently been allies of the Saudis,” Cruz continued. “Saudi is an important counterpart to Iran, Iran and the Ayatollah are really dangerous for national security, but I said, ‘Listen, we’ve been with you, but you’re now trying to bankrupt people in my state, and that is not going to stand.”
Saudi Arabia and OPEC are fighting a multi-front war as their dominance in the world oil market has been threatened in the last decade. They realize the commodity is no longer completely in their control and they’ve been working to diversify their economy, but they still hope to maintain as much dominance as possible for as long as they can.
When the Senator sought an explanation from the Saudi ambassador, he said, “But Russia, but Russia!”
It was the wrong approach to take with Cruz who is no friend of the Russians.
“Russia’s our enemy. We know that,” he said. “They behave like our enemy. We treat them as our enemy. You’re supposed to be our friend. You want us to treat you like Russia, fine. You want to be our enemy, how about we pull up all our soldiers out of Saudi Arabia, we pull our Patriot Missiles out there, because every time someone screws with you in the Middle East, you pick up the phone to call the American military to say, ‘Save our asses.'”
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In the latest episode of “Verdict with Ted Cruz,” Michael Knowles and the Senator talked to Quantum Energy Partners founder Wil VanLoh about the challenges the energy sector currently faces and how it impacts every American.
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