A Department of Energy spokeswoman called out OPEC’s decision not to cut oil production as an attempt to “manipulate and shock oil markets,” after oil prices dropped close to $30 a barrel Monday.
“These attempts by state actors to manipulate and shock oil markets reinforce the importance of the role of the United States as a reliable energy supplier to partners and allies around the world,” said DOE Spokeswoman, Shaylyn Hynes.
After failing to reach a deal with Russia to cut production, Saudi Arabia told buyers over the weekend it would be selling its crude at a discount in April to try and boost demand.
When markets opened Monday, crude prices crashed, with the U.S. benchmark West Texas Intermediate down more than 25 percent on the day, the biggest one-day crash since the Iraq War in 1991.
The Department of Energy tried to assuage fears Monday, saying, the U.S. fracking boom has led to a, “a more secure, resilient and flexible market.”
“The United States, as the world’s largest producer of oil and gas, can and will withstand this volatility,” Hynes said.
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