Hoeven Chairs Meeting Of Interstate Oil And Gas Compact Commission In Denver

Press Release

Hoeven Chairs Meeting Of Interstate Oil And Gas Compact Commission In Denver

Gov. John Hoeven Wednesday will host an Interstate Oil & Gas Compact Commission (IOGCC) task force summit in Denver to address oil and gas market dynamics in the Rocky Mountain area and Upper Great Plains. Hoeven will be available for interviews Wednesday afternoon after 3 p.m.

"Increasing domestic supply is the key element in reducing dependence on foreign petroleum, and also helping to reduce prices at the pump for consumers," Hoeven said. "We are working to address these issues in the Rocky Mountain and Midwestern states at the origin of the supply chain, where much of our petroleum originates. That means working together to build more pipeline infrastructure to get crude to refineries, as well as increased refinery capacity and finished pipeline to get more fuel to consumers."

The summit will outline strategies for improving market conditions for domestic oil producers in the region, including enhanced pipeline and refinery capacity. Limited oil pipeline capacity last winter resulted in discounted prices for oil producers trying to get their product to market. More recently, lack of refinery capacity and pipeline has pushed gas prices up in the Midwest.

The IOGCC formed a task force composed of representatives from Rocky Mountain states, Canada and federal agencies earlier this year, which undertook a study of crude oil market dynamics.

This summit will bring together a cross-section of the region's stakeholders involved in all aspects of the crude oil market for the purposes of education, dialogue and planning for the future.

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