Farmers Would Benefit From Crude Oil Exports, too, Oil Industry Leaders Tell House Agriculture Panel
The House Agriculture Committee convened a hearing on 8 July to study how crude exports could affect rural America, but, instead of gleaning insights from farmers or livestock producers, the panel turned to oil industry leaders.
Over 2 hours, those witnesses—including Continental Resources Chief Executive Officer Harold Hamm and Texas Railroad Commission Chairman David Porter—argued that oil exports could drive more domestic crude production, with benefits rippling nationwide.
“Crude oil exports would spur new American energy production, foster economic growth, and provide direct benefits to rural America and our nation as a whole,” said Porter, who heads the Texas Railroad Commission that oversees energy in the state.
Hamm stressed that recent surges in US oil and gas development have yielded big benefits for landowners and mineral rights holders, including farmers who are using royalties and rental payments from drilling to sustain their operations.
“Royalty payments to more than 10 million landowners across America have contributed greatly to the support of the family farms and ranches and the rural way of life,” Hamm said.