Oil And Gas Industry Reacts To Obama’s SPR Decision
The Louisiana oil and gas industry is not happy with President Obama's decision to release 30 million barrels of oil from the U.S. Strategic Petroleum Reserve. The release is part of a larger international effort to inject 60 million barrels into the world market. Chris John, President of the Mid-Continent Oil and Gas Association, says there are better ways to address supply concerns. Energy Secretary Steven Chu says they're tapping into the Strategic Petroleum Reserve because of a loss of crude oil to supply disruptions in Libya and other economic factors.