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 |  | | << Back to Wellhead | | Cantrell: Political involvement should be industry priority March 2010 | |
| A Democrat-controlled Congress with dreams of penalizing petroleum producers means increased political action is needed from independent producers, says former OIPA President Mike Cantrell, who served as the featured speaker at this month’s Wildcatter Wednesday luncheon.
“They want to disincentivize the use of fossil fuels,” he said, pointing to possible changes in production tax incentives and in regulation of technological tools such as hydraulic fracturing.
Cantrell is the chairman of Cantrell Energy Corp. of Ada, the president of the Domestic Energy Producers Alliance and a veteran leader of the OIPA.
He talked about the irony of his reading “Atlas Shrugged” -- the libertarian novel that details the gradual, passive collapse of a capitalist, competitive society -- during the last presidential election.
“That’s the option we make when we don’t engage politically,” he said. “We have to fight for our right to make money.”
Another threat Oklahoma producers face is a possible glut of Canadian crude coming through the Keystone Pipeline to the giant Cushing hub and beyond, he said.
The impact of just 500,000 barrels per day of that oil, at today’s prices, eventually could take $40 million a day from domestic producers.
Groups such as the Domestic Energy Producers Alliance want the Keystone opened to allow U.S. crude into the system, a requirement Montana has made if the pipeline is to pass across that state.
The cure for what ails the industry, Cantrell said, is amped-up political involvement and support for the OIPA, industry political action committees and candidates who stand up for oil and gas producers.
Without those contributions, “somebody is carrying your load for you,” he said. “We all need to be involved. We can’t take this for granted anymore.” |
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