Rep. Chip Roy

So I think when the president says they're going to explode, it's not a literal explosion.

Implosion would probably be a better term of art, in my opinion.

Okay.

yeah this is a this is a situation where the us is insulated but not isolated from the global markets you know um and and the fact is that we are now the world's largest oil producer but you're exactly right crude is a global commodity and it's swapped back and forth our refinery uh industry was based around imported crude heavy heavy sour crude from venezuela or saudi arabia and i had to explain to people look my industry's

it is segmented.

You have the oil and gas production side where we have sort of been generationally groundbreaking in our ability to produce new crude light sweet, like you say.

The refining industry is way behind where we are at.

And that's primarily because there has been a lack of investment driven by Wall Street and others who have been told for

20 years that fossil fuel is not the future anymore.

And so being able to secure a billion dollar loan to upgrade refinery has been very difficult.

They're lagging far behind us.

And so what you have is this scenario where crude is being swapped, like you say,

But I think a situation like this will have a generational change in how crude is produced, how it gets to market and what it is turned into.

And we've seen that here in the United States with the Venezuelan scenario where we're now taking in a half a million barrels a day and that crude is being processed on the Gulf refineries, but it's being turned into refined product that is making its way to both the US market

Central and South America, and now European markets.

That's changing, and the refining industry itself is starting to realize that they won.

They now have a global market, whereas it was more North American.

But equally important, I think Wall Street is realizing that fossil energy is going to be a long-term investment.

That's why you saw the Indians invest in a massive new refinery for light sweet crude in Texas, in Brownsville, about a month and a half ago.

We're under, it's really interesting as a generational change is underway.