Washington DC - Energy Equipment and Infrastructure Alliance (EEIA) President and CEO Toby Mack today applauded Sunday's agreement to constrain global crude oil production and the President's concerted diplomatic efforts that led to the coordinated global supply reductions.
"The President's intense focus and leadership in the complicated negotiations was the key factor resulting in the global deal. It came at a critical moment and will help correct the oversupply that has threatened the foundations of the American energy revolution. The unprecedented reduction of energy consumption resulting from COVID-19 has reverberated down through the extensive American energy supply chain, threatening hundreds of thousands of jobs and endangering countless small businesses."
As the oversupply situation worsened, EEIA last week led a multi-organization appeal to the President to use his best diplomatic efforts and employ all means at his disposal to bring the largest producing countries to the table and negotiate a coordinated supply reduction. "The President's leadership clearly provided the difference in making this happen - and he did so in the midst of historic challenges from the COVID-19 global pandemic. We thank the President for securing a result that will be essential to preserving a robust American energy industry, and its extensive supply chain, that will be a critical factor as the US and global economies recover and resume their robust growth."