In the midst of the COVID-19 pandemic, the U.S. energy industry suffered a one-two punch: seeing demand for oil and gas crater as a result of pandemic related shutdowns and travel bans followed closely by a global supply war initiated by Saudi Arabia and Russia.
These events sent massive shocks through global energy markets, which are still reverberating around the world today.
These extraordinary events have overshadowed the great strides made by the U.S. energy industry, led by our Texas companies and workers.
These gains, and their lasting effects, not only on Texas and the United States, but the entire world, would not have been possible without the efforts and actions of President Trump.
In the very near term, President Trump championed the Paycheck Protection Program (PPP) which helped bring the energy industry back from the brink of collapse in the face of plunging prices as a result of the pandemic.
It is estimated that up to half of Texas oil field jobs were saved by PPP. Without these protections, not only would numerous Texans have been put out of work, but the industry as a whole would have been set back by losses in workforce, both current and future.
In the longer term, President Trump has rolled back stifling regulations which have constrained American energy production.
The President has also recognized how our aging and inadequate infrastructure is hamstringing energy production, creating great inefficiencies and waste.
Under his leadership, we will all work to address these challenges and increase the output of American energy resources.
The results of these policies have been overwhelmingly positive for Texas and the US. America has gone from being an energy importer to being a net exporter.
President Trump negotiated with the European Union to import more liquefied natural gas (LNG) from the U.S., as a result, European imports of American LNG has increased over 270% and reached an all-time high in 2019.
Not only do these imports benefit American producers, it also shifts global politics as Europe is able to rely on friendly, American sources of energy and reduce their reliance on unfriendly regimes.
Thanks to President Trump, I am optimistic about the future of the American energy industry and am excited about the economic and security benefits that come with American energy independence and security.