Sen. Cornyn responds to a now deleted tweet by AOC, celebrating the oil crash.
This now deleted tweet led to Tucker Carlson blasting AOC as an “entitled moron.”
Fox News reports Texas Republican Senator John Cornyn said on Tuesday that he is worried that the oil crisis is going to “destroy” or “permanently damage” a “really important part” of the Texas economy.
“The Saudis and the Russians crushed oil prices around the world by flooding the markets,” Cornyn said.
He added that “thanks to some of the good work done by the administration,” the world’s biggest oil producers agreed to historic production cuts, which put an end to a price war between Saudi Arabia and Russia.
“They’ve agreed to cut back about 10 million barrels a day, but the problem is because of the coronavirus economic collapse, there’s not as much demand so there’s an oversupply of roughly 25 million barrels a day and that’s why you’re seeing all this pressure on oil prices,” Cornyn explained.
“I’m really worried that this is going to destroy or at least permanently damage a really important part of our economy in Texas and the United States,” he continued.
Ongoing concerns over swelling oil inventories, with little demand to ease the pileup due to the ongoing fallout from the coronavirus, sent the U.S. oil benchmark, West Texas Intermediate crude for May delivery plunging 305 percent to a record low -$36.73 per barrel. At a price below zero, buyers would be paid to take delivery as there are costs associated with transportation and storage.
Cornyn also reacted to a Monday tweet by Rep. Alexandria Ocasio-Cortez, D-N.Y., that has since been deleted. The tweet celebrated the news that oil prices had turned negative.
“You absolutely love to see it,” Ocasio-Cortez, a self-described “democratic socialist,” wrote on Twitter. She was responding to a post which stated: “Oil prices now at ‘negative values.’”
“This along with record low interest rates means it’s the right time for a worker-led, mass investment in green infrastructure to save our planet. *cough*,” Ocasio-Cortez continued.