CARES Act Provides Needed Support to Gulf Coast

For Immediate Release: Thursday March 26, 2020
Contact: Justin Williams, (202) 465-8464, jwilliams@nullnoia.org

CARES Act Provides Needed Support to Gulf Coast;
NOIA Calls on House Passage ASAP

Washington, D.C. – National Ocean Industries Association (NOIA) President issued the following statement after passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

“COVID-19 is a unique challenge, and we applaud the Senate for passing the CARES Act. Passage of the bill, despite its nearly weeklong delay, is an important step in stabilizing the American economy and its inclusion of aid for small businesses and other distressed sectors is vital to keep America on its feet. NOIA calls on the House to pass its version of the legislation as soon as possible.

“The provisions on small businesses and severely distressed sectors are especially important for the business along the Gulf Coast and elsewhere that help keep American offshore energy flowing. The spread of COVID-19 paired with the timing of the Russia-Saudi Arabia oil price war is an existential threat to these businesses, which are the fabric of many local communities.

“However, we are concerned that a noncontroversial energy provision to restock the Strategic Petroleum Reserve (SPR) was dropped in the final bill. The unprecedented challenge of COVID-19 and the collapse of oil prices will take a sustained effort to ensure that American-produced energy does not diminish to the benefit of foreign, state-backed oil and gas companies. Congress should be unified in its support of the millions of workers who make American energy possible, and not leave them behind to the benefit of Vladimir Putin and Nicolas Maduro.

“Safe and environmentally responsible produced American energy is of the utmost importance to our economy, national security and way of life. The Administration and Congress should continue to look at all available solutions that will preserve the competiviness of American offshore energy production.”

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The National Ocean Industries Association (NOIA) represents and advances a dynamic and growing offshore energy industry, providing solutions that support communities and protect our workers, the public and our environment.