Ted Cruz: “If oil prices drop to the 40s or below, it does real damage…”

“Yeah, crushing, crushing middle and lower class families even more than anybody else. I will say this, if you see oil prices plummet, so let's say they drop from the 60s … If oil prices drop to the 40s or below, it does real damage to independent producers in West Texas and the Permian. … the way, the majors will be fine. The ExxonMobils, the Chevrons, I mean, look, those are companies that literally have more revenue and assets than most countries on planet Earth.” (26:17–26:27)

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.