US Oil Drillers Seek Limits on Crude Imports
(Associated Press/FuelFix) Oil drilling companies and royalty owners from the Texas Panhandle to New Mexico’s stretch of the Permian Basin are embarking on a grass-roots campaign to limit foreign oil imports, salvaging what they say is a major sector of the U.S. economy.
The grass-roots movement is pushing for the next president of the United States to issue a proclamation setting quotas for imports — something that hasn’t been done in more than four decades.
Under the plan unveiled by the Panhandle Producers and Royalty Owners Association and other supporters, import quotas could be imposed within the next administration’s first 90 days in office. Canadian and Mexican oil would be exempt.
Quotas on heavy crude oil would be phased in and imports would eventually be limited to around 10 percent of total demand.
Supporters say they’re drawing a line in the sand after more than a dozen oil-rich nations failed to agree during a recent meeting in Saudi Arabia to freeze production. They blame Middle East producers for flooding the market and fueling the price war as a means to stifle domestic production.
Oilfield equipment along one of the two-lane highways that link West Texas and southeastern New Mexico sits idle in company yards, and local governments and schools are feeling the pinch as severance taxes and royalties dwindle. READ MORE