Letter to the Hon. Wilbur Ross, Secretary to the Department of Commerce - Olson Joins Colleagues to Demand Investigation of Saudi Oil Dumping

Letter

Dear Secretary Ross,

We strongly urge your department to begin an immediate investigation into the potential illegal delivery of crude oil by the Kingdom of Saudi Arabia into the United States oil market. Despite the recently announced historic OPEC+ production deal, Saudi Arabia continues their assault on American energy industry, and it is imperative that our response to these actions is swift and decisive.

Many early assumptions were that the United States was simply caught in the crossfire of an oil price war between the Kingdom of Saudi Arabia and Russia. However, it is now abundantly clear that our domestic industry was the deliberate target of sustained and orchestrated attacks to destroy the American energy renaissance and weaken our national security.

During a time of unprecedented diminished demand for oil caused by an even more

unprecedented global economic upheaval, our domestic producers are struggling to find a market or adequate storage for their product. Meanwhile, there are reports of a "flotilla" of Very Large Crude Carriers (VLCC) heading towards the United States loaded with Saudi crude -- estimated at roughly seven times the amount of a typical month's worth of crude oil.

The impacts of these actions are causing serious consequences for our oil and gas industry and the American communities that support it. At the time of our writing, with millions of barrels steaming towards US markets, the crude market trading at historic volatility, and the world sheltered in place; our communities face staggering employment rates estimated as high as 42% in some areas.

American innovation and gumption have made our domestic producers the envy of the world, and more than capable to compete toe-to-toe with any others. However, they demand a level playing field. For these reasons, we implore your department to move swiftly to investigate the Kingdom of Saudi Arabia and hold it accountable for any potential actions to intentionally weaken America's energy independence and to protect jobs of hard-working Americans. Furthermore, we encourage you to utilize all resources at your disposal for the most appropriate and expeditious response.