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U.S. Energy Industry Under OPEC Oil Price Pressure Strategy Can Fight Back by Improving Pipeline Efficiencies, Says Greggory Bigger, CEO of QS Energy
U.S. Energy Industry Under OPEC Oil Price Pressure Strategy Can Fight Back by Improving Pipeline Efficiencies, Says Greggory Bigger, CEO of QS Energy.
About this update from Qs Energy, Inc.
[{"type":"text","content":"\nU.S. Energy Industry Under OPEC Oil Price Pressure Strategy Can Fight Back by Improving Pipeline Efficiencies, Says Greggory Bigger, CEO of QS Energy \n\nU.S. Energy Industry Under OPEC Oil Price Pressure Strategy Can Fight Back by Improving Pipeline Efficiencies, Says Greggory Bigger, CEO of QS Energy\n\n\n SANTA BARBARA, CA--(Marketwired - March 07, 2016) -  QS Energy, Inc. (the \"Company\") (OTCQX: QSEP), a developer of integrated technology solutions for the energy industry, today released a statement by Greggory M. Bigger, CEO and Chairman of the Board, in response to comments made by Saudi Arabia oil minister Ali al-Naimi at an energy industry conference concerning OPEC pricing policies. Speaking at the IHS CERAWeek conference in Houston, Texas on February 23rd, Mr. Naimi vowed to let oil prices continue to decline if necessary, virtually ensuring a continuation of depressed global oil prices and further stagnation of the U.S. energy sector.\"It's important for the public and the domestic energy industry to focus on the core reason for the downturn in oil prices which has lasted from the summer of 2014 until the present day,\" Mr. Bigger stated. \"In 2009, a surge in crude oil production from the U.S. ran up against weaker global demand following the Great Recession, triggering a downward pricing curve, and effectively putting U.S. shale production in the position of influencing the global crude oil spot price. The resulting revenue shortfall for petro states such as OPEC members Saudi Arabia, Venezuela, Qatar, United Arab Emirates, Iran, Libya, and Kuwait, caught OPEC leadership off guard, and they've been driving prices down in a misguided effort to protect their market share ever since.\"To counter falling crude oil prices, the global energy sector has been aggressively cutting away at operating overhead and striving to keep costs in line with drastically revised revenue projections. As the CEO of QS Energy, Mr. Bigger says he has seen firsthand the potential economic benefits of optimizing the performance of the world's pipeline infrastructure. Crude oil pipelines carry close to 90 percent of oil transported in the U.S., with roughly 60,000 miles crisscrossing the nation. Based in California with supply chain partners in Casper, Wyoming, QS Energy is the developer of AOT™ (Applied Oil Technology), an indus...