Oil Industry Group Fires Back At David Einhorn

An oil and gas industry group hit back Monday at prominent investor David Einhorn after he criticized Pioneer National Resources Co. and other companies engaged in hydraulic fracturing, or fracking. "Mr. Einhorn is missing the forest for the trees," said Karen Moreau, executive director of API-NY, which is a division of the American Petroleum Institute. She said in emailed comments that fracking has provided "unquestionable benefits" for U.S. energy security, consumers and workers, and "investments in that growth have been fruitful." In public pension funds, Moreau said oil and gas stocks accounted for "only four percent of holdings but delivered eight percent of all returns from 2005 to 2013."