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Texas Oil Industry Ready to Deal with What May Come from Khashoggi Affair

The fallout from the death of Washington Post columnist Jamal Khashoggi continues to worry oil analysts, who fear Saudi Arabia could retaliate if the US imposes sanctions on the Saudis.

Even after Saudi Arabia acknowledged Jamal Khashoggi’s death inside its consulate in Istanbul, many questions remain.

President Donald Trump has most recently said he is not satisfied with the Saudis’ response and lawmakers are pushing for sanctions.

There are concerns Saudi Arabia could retaliate by cutting off oil supplies to the United States, which would drive up prices.

Todd Staples, president of the Texas Oil and Gas Association, doesn’t sound worried, saying there is not much the industry can do about international politics.

“We know that if we can build the pipelines we need, we can expand our port capacity, that no matter what really happens around the world, we’ll be well positioned as an industry to continue to meet the needs of our citizens right here at home and continue to play a more stabilizing role in the national landscape,” he said in an interview at TXOGA’s Lone Star Energy Forum in Houston Monday.

Saudi Arabia’s energy minister has now said that there is no intention to cut off oil supplies, giving the industry some breathing room – at least for now.

Todd Staples, president of the Texas Oil and Gas Association, says the industry will be alright no matter what Saudi Arabia does.

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Florian Martin

Florian Martin

Business Reporter

Florian Martin is currently the News 88.7 business reporter. Florian’s stories can frequently be heard on other public radio stations throughout Texas and on NPR nationwide. Some of them have earned him awards from Texas AP Broadcasters, the Houston Press Club, National Association of Real Estate Editors, and Public Radio...

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