Houston - When the world is using 25 to 30 million fewer barrels of oil per day than it did just two months ago, the result is a mega-glut of unwanted crude and a rapidly shrinking supply of places to put it.
Senator John Cornyn says the federal government is trying to siphon off some of the over-supply, but the move is a band-aid at best.
WASHINGTON – Tuesday, April 28, 2020
Today on Fox News’ America’s Newsroom, U.S. Senator John Cornyn (R-TX) discussed Governor Abbott’s plan to gradually reopen Texas, potential Phase IV relief legislation, and new funding for state and local jurisdictions. Here are excerpts from that interview:
On the Gradual Reopening of Texas Businesses:
“There is no playbook for this. This is unprecedented.”
“Nobody is forced to open up, but they can gradually, subject to these guidelines, and we’re going to then hit the pause button and see how it's going before we proceed to open up some more.”
“We’re going to be guided by what the experience is and what the reaction is because obviously public health, public safety comes first.”
On Possible Phase IV Legislation:
“What I'd like do is see how well what we’ve already done meets the need and then be guided by what we learned. I think it's premature to talk about a trillion dollars more added to the national debt.”
On New Funding for State and Local Jurisdictions:
“I think it was largely, unfortunately, misinterpreted, and what Senator McConnell was trying to say, or he did say, was that there are limits to the extent the federal government can pay the bills for the state and local government.”
“We are more than happy to do what's necessary to deal with this virus. This is an emergency. That’s why you see this unprecedented financial support for states and local government.”
“But at some point, we’re going to have to have a serious conversation about what those limits are because the federal government can't continue to spend money and add to our national debt and deficits.”