The Organization of Petroleum Exporting Countries (OPEC) announced it would maintain its current production levels despite dropping prices, a move that U.S. Rep. Charles Boustany Jr. (R-La.) said on Tuesday signals America’s dominance in energy production and exports.
OPEC oil ministers decided to keep their present output target at 30 million barrels per day last week, a move that continued to drop oil prices. The cost of crude oil fell to $72.43 per barrel after the decision, a four-year low.
Boustany credits the widespread use of fracking for an increase in United States oil production that has impacted the market.
“By expanding domestic production, not only have American families benefited tremendously from more jobs and economic activity, the United States is increasingly able to effect and dictate market conditions,” Boustany said. “This carries numerous benefits, including greater leverage with our trading partners as well as increased soft power projection across the globe. I will continue to advocate for strong American energy production, which means more opportunities for families at home and greater potential for American leadership on the global stage.”
Many experts believe OPEC’s decision to allow oil prices to continue to drop is a move against the U.S. fracking industry, which becomes too costly to operate when crude prices reach $60 per barrel.