TEXAS (1080 KRLD)- While addressing members of the Texas Oil and Gas Association's Energy Summit over ZOOM, Abbott said the spread of the coronavirus coupled with the Russian and Saudi flood of the oil market created a perfect storm of destruction for the energy sector in Texas. He added that the market won't rebound until the spread of COVID-19 is contained. "In order to increase the production of oil and gas, in order to have a stabilization in the price of oil and gas, it's going to require more people using energy," said Abbott. "And what is needed to have more people using energy is going to be a stabilization of the pandemic."
Abbott told the energy sector leaders that the current spike in positive COVID-19 tests is the result of Texans not taking the virus seriously, especially since the State lockdown was lifted. "The numbers were so low in the state of Texas. I think a lot of people thought, well, we really don't have to worry about COVID in our state and they gathered together, whether it were in bar settings or other close-up settings that led to the transmission of COVID-19, to lead us into the position that we're in today."
Texans lack of urgency as it pertains to the spread of the virus led the Governor to implement his statewide mask order. "Until we have the medications it will be up to all of us to make sure that we take responsibility for the types of strategies that will lead to a reduction in the transmission and hence that's part of the reasoning behind people wearing masks."
Abbott was also asked about how the state plans to deal with Comptroller Glenn Hegar's recent estimate of a $4.6-billion shortfall in tax revenue due to the pandemic. He responded saying, "So we requested already a 5% budget cut for many agencies, not all agencies, because there are some where it wouldn't be appropriate such as Health and Human Services for example." Abbott also touted the federal legislation referred to as The Heroes Act, passed out of the House and under debate in the US Senate, as something that would help offset the State's current shortfalls. "Part of that (Heroes Act) helps local governments, including state governments be able to fill holes in their budget that resulted due to no fault or no mismanagement of their own, but only because of lost revenues because of the pandemic."
