Oil Companies Told To Stay United
The Louisiana Mid-Continent Oil and Gas Association has been told that oil companies need to stick together to survive.
Gregory Hill is president and chief operating officer of the Hess Corporation. He told the association’s annual meeting in New Orleans that there is now uncertainty in the short-term cycle.
The New Orleans Advocate reports Hill says the Obama Administration’s plan to possibly offer areas on the Atlantic Coast for drilling doesn’t go far enough.
Hill outlined a glut in the world oil market that’s driven prices down 60 percent in six months.
He is also lobbying for a repeal of the decades-old federal ban on exporting crude oil. So is the American Petroleum Institute, which will be working this year to get the ban overturned.