Cramer: North Dakota Understands Global Market Forces In Commodity Prices

Press Release

Congressman Kevin Cramer participated in a discussion Thursday on global oil market dynamics and their impact on oil-producing states like North Dakota. The discussion was part of a program, "The Innovation Revolution: A National Strategy for Energy Security," sponsored by Securing America's Future Energy (SAFE), a non-profit organization committed to improving U.S. economic and national security through reduced oil dependence.

Cramer and public affairs consultant Jonathan Baron covered the topics of the current state of the global oil market, the problem of oil price volatility and their effects on the industry in the United States.

"North Dakota has been well positioned for the recent slowdown in the oil industry," said Cramer. "As an agricultural state, North Dakota is used to global market forces affecting commodity prices."

He discussed H.R. 4559, the United States Commission on the Organization of Petroleum Exporting Countries Act of 2016, a bill that creates a commission to investigate and offer policy recommendations to anti-competitive actions taken by OPEC. Cramer is a co-sponsor of the bill.

"We do not need to apologize for looking out for American interests first," said Cramer about the commission the legislation would establish. "This legislation sends a message other countries can't get by with the suppression of oil prices. True price discovery requires a level playing field."

Cramer has an extensive background in energy regulation and development, serving nearly 10 years on the North Dakota Public Service Commission during the dynamic development period of the Bakken oilfield. He is a member of the House Energy and Commerce Committee, and introduced the Keystone Pipeline Bill at the beginning of this Congress. He also played a lead role in passage of lifting the crude oil export ban last December.

Source