National Petrochemical & Refiners Association (NPRA) President Charles T. Drevna on 23rd June criticised the decision by the Obama administration to release 30 million bbls of oil from the Strategic Petroleum Reserve.
Drevna said, ‘Releasing oil from the Strategic Petroleum Reserve today, when gasoline prices are falling and there is no supply shortage, makes no sense and weakens our economic and national security. The Strategic Petroleum Reserve is an emergency lifeline to protect our nation against critical shortages in our oil supply and shouldn’t be used as a Strategic Political Reserve to boost the popularity of elected officials.’
‘This action today will do nothing to benefit customers. Instead, it leaves our nation vulnerable if hurricanes, other natural disasters or a foreign crisis causes a real supply shortage. These are the types of emergencies the Strategic Petroleum Reserve was created to protect against.’
‘Instead of releasing 30 million bbls of oil from our emergency supply when there is no emergency, our leaders should be drawing up plans to lift the roadblocks preventing our nations from utilising the billions of bbls of oil and natural gas reserves right here in America. This would produce more energy, more jobs and economic prosperity. No other nation puts so many limits on the use of its own natural resources to benefit its own people.’
Read the article online at: https://www.hydrocarbonengineering.com/gas-processing/24062011/npra_comment_on_the_oil_stocks_release/