Oil is selling cheap and it is hurting the State of Oklahoma.

Russia and Saudi Arabia are in a “gas war.” Their weapon of choice is to dump crude oil on the world market.

This is why gas prices are so cheap in America. It’s good for the consumer.

It’s a blow to the energy industry.

Under the deregulation and tax policy of the Trump Administration, oil and natural gas production has blossomed. For the first time in decades, America is truly energy independent.

This is a vital factor not only in our economy but in our national defense.

America used to import more than half of its oil. New discovery technology has helped uncover vast reserves of oil and natural gas. Now, America is a net oil exporter.

OPEC has for decades sought to undercut oil production in the United States by manipulating the price. When America’s oil industry thrived, OPEC flooded the market to drive prices down and damage American producers.

Thanks to innovation and Trump, America is not as vulnerable to the ups and downs of the market.

For more than two years, Oklahoma’s tax revenues have soared.

Now, we are facing a decline due to oil prices. Add the coronavirus pandemic and we are in treacherous economic times in Oklahoma.