Senators Urge Reduction in South Korean Oil Pipe Import Quota

Three Democratic U.S. senators urged the Biden administration to lower the import quota on oil drilling pipes from South Korea. The current quota has led to declining demand for Oil Country Tubular Goods and layoffs for U.S. operations, including companies like Tenaris in Ohio and Pennsylvania.

Three Democratic U.S. senators on Friday called on the Biden administration to reduce the import quota on oil and gas drilling pipes from South Korea, highlighting its adverse effects on companies in Ohio and Pennsylvania.

Senators Sherrod Brown of Ohio, and Bob Casey and John Fetterman of Pennsylvania pointed to a shrinking market for Oil Country Tubular Goods, which are essential in the drilling, extraction, and transportation of oil and gas. This market decline has led to layoffs in companies with U.S.-based operations.

Companies such as Tenaris, which operate in Ohio and Pennsylvania, have been directly impacted by the reduced demand and the current import quota, according to the senators.

(With inputs from agencies.)