TULSA, OK – Today, the Domestic Energy Producers Alliance (“DEPA”) announced the association’s support for an American anti-dumping action petition to be filed with the United States Department of Commerce and the United States International Trade Commission requesting the initiation of an antidumping and/or countervailing duty investigation regarding crude oil price manipulation by Saudi Arabia, Russia, and perhaps others.
The petition will seek a determination that the recent actions taken by Saudi Arabia, Russia, and others to unreasonably increase their supply of crude oil at prices below market value will result in material injury to the U.S. domestic crude oil industry.
DEPA Chairman, Harold Hamm said, “This is a direct attack on U.S. oil and gas producers. They are taking advantage of this corona virus pandemic that is sweeping the world to focus on this industry and to devastate it. These actions warrant the imposition of antidumping and/or countervailing duties on crude oil imported into the US from these countries. Saudi Arabia’s and Russia’s actions have already, and will continue to, harm U.S domestic crude oil producers and industry.”
The petition seeks to protect the U.S. domestic crude oil industry, U.S. energy security, and the U.S. economy. DEPA is moving expeditiously to investigate and potentially to prepare a filing.