Published: 2:18 am, Sun. Sep. 4th, 2016Updated: 2:16 am
New Mexico and Texas oil companies and communities say they will warn Saudi Arabia and Organization of the Petroleum Exporting Countries (OPEC) to stop overproduction of oil and lowering prices as a strategy to slow or shut them down, or face import quotas.
Independent oil companies with the Panhandle Initiative to Reduce Imports (PIRI) will hold an industry and public rally from 11:30 a.m. – 2 p.m. Tuesday, Sept. 27, at the Pecos River Village Convention Center, 711 Muscatel Ave., Carlsbad. Lunch and admission are free.
Southwest and Rocky Mountain oil producers say they feel they are under OPEC and Saudi Arabian “attack.”
“The American oil industry, which has in the last 10 years created the technology of oil self-sufficiency, will survive without the smaller independent company pioneers in shale and their future risk-taking in finding oil,” the PIRI said in a release. “Integrated companies (with production and refining combined) will survive and dominate in a second downturn with a smaller market share in America alongside potential 60-percent oil imports from foreign producers outside North America.”
The PIRI will present Dr. Daniel Fine and its strategic “White Paper” as the keynote at the rally, along with oil and gas operators from the Delaware Basin (New Mexico Permian) and San Juan Basin.
The oil and gas industry “bust” will be presented by Tom Taylor, economic development, Four Corners, and Tom Dugan of Dugan Productions. Tom Cambridge will speak on the Panhandle of West Texas and John Yates Jr. of Yates Petroleum Corp. on the Permian/Delaware.
More information on the PIRI can be found at www.panimportreduction.org.