This blog is in the American Petroleum Institute’s newsletter: “API opposes government intervention in response to market downturn.”

Hmm, did anyone hear API opposing the purchase of oil for the Strategic Petroleum Reserve this week? Not surprisingly, API is pointing out the government interventions they don’t want and is silent (in this blog) on the ones they do want, while spouting free market principles such as this:

API President and CEO Mike Sommers recently explained:

“We have always supported the market to be an arbiter of the price of oil and gas, and during times of crisis it is not appropriate to abandon those principles… Because we are in a global marketplace, imposing sanctions on any country for free flow of crude across borders would be very damaging to the broader oil and gas industry.”

Lara