It's no news to Texans that oil is one of the basic elements that built this country. More than 200,000 Texans work in or are connected to the oil patch. Nor is it news to us that the oil and gas industry remains a pillar of the American economy and an indispensable component of our national defense.
Oil powers our cars, heats our homes and runs our factories.
Without oil, the American economy stops and the military is stranded. It's that simple. Unfortunately, we have seen a steady erosion of our ability as a nation to produce all of the oil and gas we consume. Volatile world commodity markets, foreign imports and a growing tax and regulatory burden on domestic producers have decreased America's capacity to meet our own growing demand. Since November 1997, the oil exploration and production industry has been in a crisis that witnessed the lowest inflation-adjusted oil prices in history.