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Lankford, Inhofe Urge Investigation Into Russia and Saudi Arabia Excessive Dumping in Oil Markets

WASHINGTON, DC –Senator James Lankford (R-OK) joined Senator Jim Inhofe (R-OK) in a letter to US Secretary of Commerce Wilbur Ross urging him to investigate excessive dumping of oil by Russia and Saudi Arabia that has destabilized global oil markets.

Lankford and Inhofe were joined by Senators Roger Wicker (R-MS), Kevin Cramer (R-ND), Lisa Murkowski (R-AK), Mike Rounds (R-SD), John Barrasso (R-WY), John Hoeven (R-ND), and Dan Sullivan (R-AK).

The full text of the letter to Secretary Ross can be found below and here

Dear Secretary Ross,

We write urging you to investigate the excessive dumping of crude oil by the Kingdom of Saudi Arabia and the Russian Federation and develop a swift reply. As you know, the global oil market is in disarray in large part as a result of the recent actions taken by Saudi Arabia and Russia to flood the oil market with an unprecedented supply of crude. This manipulation of markets has roiled the economy, causing severe trauma to the American energy industry. It is essential that the American government respond with decisive action.

We are deeply concerned about the inevitable loss of American jobs and investment in our nation’s energy infrastructure as a result of this price war. We applaud President Trump and his Administration’s historic success in securing America’s energy independence; however, it is essential to America’s national security interests that actions like those of Saudi Arabia and Russia be addressed.

The global economy is already suffering as a result of the pandemic caused by COVID-19, and these actions taken by Saudi Arabia and Russia have added further unprecedented hardship on American oil and gas producers and the thousands of blue-collar workers they employ. It is fundamentally important that the Department of Commerce investigate the actions of these foreign nations to weaken America’s energy independence. As Secretary, all of your authorities related to imports, national security, and safeguards should be considered for the most appropriate and expeditious response.

We appreciate your consideration of this request and look forward to continuing our shared commitment of supporting a strong, robust American economy.