5/10/2013

The American Petroleum Institute criticized the Bureau of Land Management's decision to delay until October energy lease sales in California, saying such a move will stifle economic growth. Staffing and budget issues prompted the decision, according to the BLM. "We now know that California holds a vast amount of oil and natural gas resources, especially in the Monterey Shale located in the central part of the state," said John Felmy, API's chief economist.

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