Energy Sec. Dan Brouillette to Newsmax TV: Oil Marketplace in the US Is Stabilizing
The oil marketplace is beginning to stabilize now that economies, that closed due to the coronavirus pandemic, are beginning to reopen around the world, Energy Secretary Dan Brouillette to Newsmax TV.
"I think we're seeing some stabilization in the marketplace, and that's due to the economies begging to reopen all across the United States and in fact the world," Brouillette told Friday's "The Chris Salcedo Show."
"I'm here in Texas to understand a little bit more about what's going on, on the ground. I met with some independent producers, both here in Houston and I met with a few refiners as well. I was out in San Antonio earlier in the week, talking to a refiner there, and just getting a better sense of what's happening here on the ground," Brouillette said.
Oil exploration decreased in U.S. fields due to low energy demand brought on by the coronavirus pandemic. For 20 weeks in a row, the number of active oil field rigs has plummeted to a new low.
Brouillette switched gears and talked a little about the importance of fossil fuels moving forward and maintained that its role will continue to be important in the lives of Americans.
"The energy industry is part in parcel of our daily lives. Your cell phone, your clothes, everything depends upon hydrocarbons and the production of hydrocarbons. So for those who would want to see a transition to a 100% renewable world, well that's fine," Brouillette said.
He added, "It sounds nice in theory, but it is virtually impossible today to have that happen. The entire renewable industry depends upon fossil fuels and the fossil fuel industry to provide what is known as base load electric power. So for those who would push it out of the marketplace, I think it's completely misguided."