THEIR TUITION REIMBURSEMENTS FOR
AT LEAST THREE MONTHS.
AT LEAST THREE MONTHS.
>> WITH A QUARTER OF A MILLION
>> WITH A QUARTER OF A MILLION
WORKERS IN A MULTI BILLION
WORKERS IN A MULTI BILLION
DOLLARS ECONOMIC IMPACT THE OIL
DOLLARS ECONOMIC IMPACT THE OIL
INDUSTRY IS THE HEART AND SOUL
INDUSTRY IS THE HEART AND SOUL
OF LIFE HERE IN HOUSTON.
OF LIFE HERE IN HOUSTON.
BUT THE CORONAVIRUS IS NOW
BUT THE CORONAVIRUS IS NOW
THREAT 10ING TO TURN THE LATEST
THREAT 10ING TO TURN THE LATEST
BOOM IN TO A BUST.
BOOM IN TO A BUST.
>> TONIGHT CHANNEL
>> TONIGHT CHANNEL
2 INVESTIGATOR JOEL EISENBAUM
2 INVESTIGATOR JOEL EISENBAUM
SHOWS US WHAT IT COULD TAKE FOR
SHOWS US WHAT IT COULD TAKE FOR
THE INDUSTRY TO REBOUND FROM ONE
THE INDUSTRY TO REBOUND FROM ONE
OF THE BIGGEST CHALLENGES EVER.
OF THE BIGGEST CHALLENGES EVER.
>> Reporter: IF YOU ARE NOT IN
>> Reporter: IF YOU ARE NOT IN
THE BUSINESS YOU HAVE AT LEAST
THE BUSINESS YOU HAVE AT LEAST
NOTICED IT GASSING UP IF I STILL
NOTICED IT GASSING UP IF I STILL
DO THAT.
DO THAT.
OIL IS IN A TAILSPIN.
OIL IS IN A TAILSPIN.
>> THE OIL INDUSTRY IS GOING
>> THE OIL INDUSTRY IS GOING
THROUGH TREMENDOUS TURMOIL.
THROUGH TREMENDOUS TURMOIL.
LAY OFFS ARE HAPPENING AT MOST
LAY OFFS ARE HAPPENING AT MOST
EVERY OIL AND GAS COMPANY.
EVERY OIL AND GAS COMPANY.
>> Reporter: THE PROBLEM IS TOO
>> Reporter: THE PROBLEM IS TOO
MUCH SUPPLY AND NOT ENOUGH
MUCH SUPPLY AND NOT ENOUGH
DEMAND.
DEMAND.
AND, REMEMBER, TEXAS ENERGY JOBS
AND, REMEMBER, TEXAS ENERGY JOBS
WERE VAPORIZE BEFORE CO MID 19.
WERE VAPORIZE BEFORE CO MID 19.
AND NOW.
AND NOW.
>> AS THE VIRUS BREAKS HAVOC ON
>> AS THE VIRUS BREAKS HAVOC ON
THE HEALTHCARE SYSTEM IT’S AN
THE HEALTHCARE SYSTEM IT’S AN
ADDITIONAL TREMENDOUS HARM TO
ADDITIONAL TREMENDOUS HARM TO
OUR OIL AND GAS INDUSTRY.
OUR OIL AND GAS INDUSTRY.
>> Reporter: THE STATE’S OIL AND
>> Reporter: THE STATE’S OIL AND
GAS REGULATORY AUTHORITY THE
GAS REGULATORY AUTHORITY THE
TEXAS RAILROAD COMMISSION IS
TEXAS RAILROAD COMMISSION IS
THINKING ABOUT ACTIVELY
THINKING ABOUT ACTIVELY
TINKERING WITH THE SUPPLY AND
TINKERING WITH THE SUPPLY AND
DEMAND EQUATION, SETTING STATE
DEMAND EQUATION, SETTING STATE
LIMITS ON OUTPUT TO DRIVE UP
LIMITS ON OUTPUT TO DRIVE UP
PRICE.
PRICE.
SO-CALLED PRO RATIONING.
SO-CALLED PRO RATIONING.
OPEC DOES IT.
OPEC DOES IT.
BUT IT COULD COST EVEN MORE JOBS
BUT IT COULD COST EVEN MORE JOBS
SHORT-TERM, ESPECIALLY AMONG
SHORT-TERM, ESPECIALLY AMONG
SMALLER COMPANIES, AND MAY GET
SMALLER COMPANIES, AND MAY GET
SQUEEZED OUT OF A TIGHTENING
SQUEEZED OUT OF A TIGHTENING
MARKET.
MARKET.
>> TEXAS SHOULD LET IT CONTINUE
>> TEXAS SHOULD LET IT CONTINUE
TO WORK WITHOUT REGULATORY
TO WORK WITHOUT REGULATORY
INTERVENTION.
INTERVENTION.
SECOND, THE ECONOMIC IMPACT OF
SECOND, THE ECONOMIC IMPACT OF
PRO RATIONING.
PRO RATIONING.
IN THE NEAR TERM IT WILL HAVE A
IN THE NEAR TERM IT WILL HAVE A
MORE SEVERE JOBS AND ECONOMIC
MORE SEVERE JOBS AND ECONOMIC
IMPACT THAN THE FREE MARKET
IMPACT THAN THE FREE MARKET
PROCESS.
PROCESS.
>> Reporter: THE FLIP SIDE OF
>> Reporter: THE FLIP SIDE OF
THE ARGUMENT IS THAT NO
THE ARGUMENT IS THAT NO
GOVERNMENT ACTION COULD BE EVEN
GOVERNMENT ACTION COULD BE EVEN
MORE CATASTROPHIC I LEADING TO
MORE CATASTROPHIC I LEADING TO
CRATER THE OIL PRICES.
CRATER THE OIL PRICES.
THE PRESIDENT SEEMS AWARE OF THE
THE PRESIDENT SEEMS AWARE OF THE
PROBLEM AND SEEMS TO WANT THE
PROBLEM AND SEEMS TO WANT THE
WHOLE WORD TO CUT OIL OUTPUT.
WHOLE WORD TO CUT OIL OUTPUT.
>> THE COMMISSION HE HAVE TEXAS
>> THE COMMISSION HE HAVE TEXAS
HAS THE POWER TO LIMIT OIL
HAS THE POWER TO LIMIT OIL
PRODUCTION, BUT THE PRESIDENT
PRODUCTION, BUT THE PRESIDENT
DOES NOT NINE CLEARLY IN HOUSTON
DOES NOT NINE CLEARLY IN HOUSTON
WE ARE ALREADY IN TROUBLE EVEN
WE ARE ALREADY IN TROUBLE EVEN
THE LOCAL NO ONE NONPROFIT GROUP
THE LOCAL NO ONE NONPROFIT GROUP
HELPS OIL FIELD WORK NURSE
HELPS OIL FIELD WORK NURSE
TROUBLE IS IN TROUBLE.
TROUBLE IS IN TROUBLE.
SO ARE YOU IN DANGER OF NOT
SO ARE YOU IN DANGER OF NOT
BEING ABLE TO HELD ANYONE ARE
BEING ABLE TO HELD ANYONE ARE
YOU UNABLE TO HELP ANYONE RIGHT
YOU UNABLE TO HELP ANYONE RIGHT
NOW?
NOW?
>> WE HAVE SET ASIDE A RAINY DAY
>> WE HAVE SET ASIDE A RAINY DAY
FUND AND WE ARE IN TO THAT.
FUND AND WE ARE IN TO THAT.
I DON’T KNOW HOW MUCH LONG THEIR
I DON’T KNOW HOW MUCH LONG THEIR
WILL LAST.
WILL LAST.
DEPENDS ON HOW MANY PEOPLE ARE
DEPENDS ON HOW MANY PEOPLE ARE
IN NEED.
IN NEED.
>> Reporter: IF YOU ARE A TEXAN
>> Reporter: IF YOU ARE A TEXAN
THIS ISSUE AFFECTS YOU JUST THE
THIS ISSUE AFFECTS YOU JUST THE
STATE TAX GENERATION FROM THIS
STATE TAX GENERATION FROM THIS
IMPORTANT SECTOR IS AN 8 1/2
IMPORTANT SECTOR IS AN 8 1/2
BILLION DOLLARS CHUNK OF THE
BILLION DOLLARS CHUNK OF THE
STATE’S REVENUE.
STATE’S REVENUE.
JUST LIKE OIL FIELD HELPING
JUST LIKE OIL FIELD HELPING
HANDS OIL FIELD MINISTRIES IS
HANDS OIL FIELD MINISTRIES IS
ALSO ON THE FRONT LINES OF WHAT
ALSO ON THE FRONT LINES OF WHAT
IS RIGHT NOW EXTREME PAIN FOR
IS RIGHT NOW EXTREME PAIN FOR
THOUSANDS OF HOUSTONIANS IN THIS
THOUSANDS OF HOUSTONIANS IN THIS
INDUSTRY.
INDUSTRY.
BUT COUNT MINISTER MIKE AS
BUT COUNT MINISTER MIKE AS
SOMEONE WHO BELIEVES THAT THE
SOMEONE WHO BELIEVES THAT THE
STATE’S GOTTA DO SOMETHING TO
STATE’S GOTTA DO SOMETHING TO
STOP THE FREE FALL.
STOP THE FREE FALL.
AND TIGHTENING SUPPLIES ARE
AND TIGHTENING SUPPLIES ARE
SUPPLY MAY BE BEST TOOL
SUPPLY MAY BE BEST TOOL
AVAILABLE.
AVAILABLE.
>> EVERY OPERATOR WOULD HAVE THE
>> EVERY OPERATOR WOULD HAVE THE
SAME PERCENTAGE OF REDUCTION.
SAME PERCENTAGE OF REDUCTION.
WHICH WOULD BE A FAIRWAY TO
WHICH WOULD BE A FAIRWAY TO
TREAT THE OIL AND GAS INDUSTRY
TREAT THE OIL AND GAS INDUSTRY
RIGHT NOW.
RIGHT NOW.
>> Reporter: TO LIMIT OR NOT TO
>> Reporter: TO LIMIT OR NOT TO
LIMIT TEXAS OIL PRODUCTION THAT
LIMIT TEXAS OIL PRODUCTION THAT
DECISION RESTS WITH THE TEX
DECISION RESTS WITH THE TEX
RAILROAD COMMISSION THEIR VOTE
RAILROAD COMMISSION THEIR VOTE
IS EXPECTED NEXT WEEK,
IS EXPECTED NEXT WEEK,
APRIL 21st.
