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Rick Perry warns US energy sector
on verge of 'massive collapse'
due to coronavirus pandemic

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Posted By: StormCnter, 4/1/2020 4:19:10 AM

Former Energy Secretary Rick Perry warned Tuesday on "Tucker Carlson Tonight" that the coronavirus pandemic has brought the United States' once-thriving oil and energy sector to the verge of a "massive collapse." Sweeping restrictions on work and travel have brought industrial activity to a near- standstill. Perry explained that fewer cars on the road and fewer flights in the air translate to a major decrease in demand for oil, which is bad news for America's energy producers. "Our capacity is full and the Saudis are flooding this market with cheap oil," Perry told host Tucker Carlson. "I'm telling you, we are on the verge of a massive collapse of an industry


We ranchers in the Permian Basin area and south of that have enjoyed the royalty checks for years. That monthly money will be disappearing.

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Reply 1 - Posted by: blueline 4/1/2020 4:46:23 AM (No. 364614)
We are experiencing the consequences of a singular focus on "cheap". Yes, there are sources around the world offering "stuff" cheaper than American companies do. However, as we've seen with China, it comes with a heavy back-end cost. We're paying dearly for our love of cheap TVs, etc. I am willing to keep paying $2-$3 a gallon for gas, as long as it is supporting American companies and workers. Can somebody figure out how to do this?
17 people like this.

Reply 2 - Posted by: Philipsonh 4/1/2020 7:23:04 AM (No. 364686)
The housing market is also in dire need of relief, especially non-agency lenders which are in the majority.
3 people like this.

Reply 3 - Posted by: MattMusson 4/1/2020 7:43:21 AM (No. 364701)
I like his suggestion that US refineries be restricted to refining 90% US crude - for the next 3 months.
8 people like this.

Reply 4 - Posted by: thethirdruffian 4/1/2020 8:14:43 AM (No. 364739)
Saudi and Russia are dumping oil at less than the cost of production in a cynical (and illegal) attempt to drive US domestic production out of business. This would make the USA beholden to Russia and the Mullahs again. The answer is to fine the crooks to the tune of $20/bbl until they raise their price to the real cost.
6 people like this.

Reply 5 - Posted by: Aubreyesque 4/1/2020 9:11:15 AM (No. 364790)
I also suggest we build more refineries in the US. Before the end of GW's second term, it had been announced that a NEW one was going up in South Dakota. Once Obamalamablingblang got into office, POOF! no more word of it. Building a new refinery requires people to build it, then people to operate and maintain it. Houston's oil industry adapted to drop-outs in the industry by bringing in engineering companies that took what was already existing and creating jobs that would upgrade/improve existing refineries, but even at maximum efficiency and output, the limited amount of refineries can only do so much. It's probably ideal that there is more oil coming in than refineries can process. The opposite would not be good even in economic highs, but we're at a point where we do have room to expand.
6 people like this.

Reply 6 - Posted by: stablemoney 4/1/2020 9:56:36 AM (No. 364853)
The energy industry is on the verge of collapse---but Perry is an economic idiot. Oil is not stamped with made in the USA. Oil is a world product and is traded on world markets. We can stamp and use USA oil all we want, but that does not change the world demand and supply of oil, where prices and oil delivery contracts are established. Some of our refineries are built for heavier foreign oils, some not. Mr. Perry has provided us with the warning, but not a solution, which I would expect from the former Sec of Energy. It looks like Trump will have to do this job also. Why not, Trump has to do everything else.
4 people like this.

Reply 7 - Posted by: MDConservative 4/1/2020 10:17:22 AM (No. 364882)
If GM and Ford and Chrysler and all the rest of the American manufacturers rank out millions of cars more than the market demands, is the Federal government responsible for absorbing the excess? Americans have been living in the 1960s for decades when it came to oil. We longed for 29 cents a gallon gas. Problem is that our cars are three-times as efficient as those gas guzzlers. Other large consumers of oil have done the same, or have been taken out of service due to their economic inefficiency or pollution issues. Check out the evolution of passenger jet engines. It's likely your electricity is generated using natural gas. And now we are producing more oil than ever...and the market just isn't there. Let's have the government bail the industry out. Astoundingly, there are still some shouting "Drill baby, drill!" The fact is that we have a large number of already-drilled and untapped wells dotting the USA...they can't afford the expense of producing into a surplus market.
5 people like this.

Reply 8 - Posted by: AlpineLace 4/1/2020 11:00:03 AM (No. 364927)
Shut down the Saudi's and Russians ability to export oil to the US.
1 person likes this.

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