The Louisiana Mid-Continent Oil & Gas Association (LMOGA) issued the following statement in response to President Biden’s announcement on releasing 180 million barrels of oil from the Strategic Petroleum Reserve (SPR).
“The SPR was created to provide oil reserves during supply disruptions, and it is bad policy as a long-term solution to rising fuel costs,” said Tommy Faucheux, LMOGA President. “We need policies in place that promote investment in energy development and create operational certainty for industry.”
“LMOGA continues to urge the Biden Administration to reverse his leasing ban on federal lands and waters and take steps towards the development of a 5-year offshore leasing plan. Louisiana is uniquely positioned to help meet global energy demands, and with the correct policies our industry stands ready to support America with access to a stable supply of reliable and affordable energy.”