Coordinated drone attacks on Saturday severed nearly half of Saudi Arabia’s crude oil production facilities, spiking oil prices to their highest level in nearly four months. Officials said they hope to restore output to regular levels by today. It is estimated that 5.7 million barrels per day, between 5-6% of the global oil supply, were affected.
Below is a statement that can be attributed to me, Craig Stevens, spokesman for the GAIN Coalition:
“Saturday’s attacks on Saudi Arabia’s oil facilities serve as an important reminder as to the importance of American energy production. As one of the top exporters of oil and gas and as the world’s largest crude producer, the United States is positioned to help stabilize the global market in the event of prolonged outages and in critical situations like this.
“But recent proposals to limit American energy development undermine our national security interests and minimize grid reliability while dealing a stronger hand to foreign entities like Iran, Russia, and Venezuela. American policymakers must welcome further investment in our energy capabilities and infrastructure network to bolster our interests at home and abroad.”