Rep. Chip Roy

When you say, have I seen it all?

I haven't seen this.

I didn't anticipate OPEC starting to crack last week.

I didn't anticipate UAE with a million and a half barrel extra capacity saying we're going to walk away from those OPEC quotas.

It's going to be really interesting.

The problem is the physics are always the same, which is you have one barrel of oil, which turns into 42 gallons of something.

be that gasoline or diesel or jet fuel.

And right now the math is really difficult for, and the physics is difficult for what that is turned into and where it goes.

Again, the final challenge is we're looking at a 450 million barrel global shortfall right now.

So there's a long tail as to how and when that shortfall is made up.

Yeah, I get asked that question in that form 100 times a day, to be honest with you.

And it's difficult because, again, with the industry being bifurcated like it is, you know, the majority of my members of the US Oil and Gas Association are small independent producers.

We're like farmers.

It's like you when you send the cows.

You know, when you send the cows to auction, you don't set the auction price.

The auction does.

The industry itself, and this is really important, I try to explain this to people, that we prefer stable prices more than anything.

And those prices need to be in that $67 to $85 a barrel range.

And the reason why is because that's predictable for us.

It allows us to do long-term planning, to capitalize on... When you have to capitalize on a multi-billion dollar project, you need that stability.