Quotas on Oil & Gas Imports?

by Elizabeth Alford on May 18, 2016

The newly formed  Panhandle Import Reduction Initiative is pushing back against OPEC and calling for quotas on oil and gas imports.

Related: Iranian Oil Will Add to Global Glut

A grassroots movement in the Texas panhandle pulled together several pro-industry groups who hope to propose a ban on shale oil imports from abroad. The group is working to gather signatures and raise $100,000 that will allow them to present the plan to the next president after the elections in 2017.

Supporters of the initiative are angry that oil-producing countries failed to reach an agreement to freeze oil production levels in Doha, Qatar last month along with the announcement that OPEC will increase production again.

The Panhandle Import Reduction Initiative for oil import quotas on foreign oil is nothing new. It aims to revive the 1959 quota system of President Eisenhower who acted to sustain a healthy oil industry and middle class communities which it employs for reasons of national security.  And it worked for 14 years to keep domestic oil from going out business because of foreign imports. (newswire)

In 1959, President Eisenhower stablished a similar quota system that remained in effect for 14 years in order to sustain a healthy oil industry for national security purposes.

In January, the Obama Administration entered into an historic and controversial nuclear deal with Iran that includes lifting economic sanctions, which could add millions of barrels to the global glut.

We are at a cross road and its time we take a stand. Imported oil is rapidly increasing and could or will return our country into the same dependency which began in the late 1970s and lasted to 2010; therefore, risking our national security. (newswire)

Read more at PRnewswire.com

 

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