LMOGA Responds to Historic Drop in Oil Prices
BATON ROUGE, LA (April 20, 2020) – The Louisiana Mid-Continent Oil and Gas Association (LMOGA) released the following statement today in response to a historic drop in oil commodity prices.
“We anticipated the combination of unprecedented events occurring in the world today would continue impacting broader oil markets. An abundant amount of crude oil flooding into an oversupplied market, coupled with historic short-term demand drops due to stay-at-home restrictions has created a challenging time for our industry,” said LMOGA President Tyler Gray.
“However, we remain optimistic, long-term demand for oil and natural gas remains strong and our economy will need energy to recover once the COVID-19 crisis is behind us. Our industry is not the only one hurting right now, we are all in this together. We must continue to mitigate the spread of the virus, and safely stimulate the economy until demand and supply stabilizes.”