An emergency meeting between Energy Minister Jennifer Granholm and representatives of the oil industry ended without any firm commitment from either side, although the energy minister signaled that the plan to ban fuel exports could be lifted from the table.
According to testimony released by the Department of Energy, Granholm seems to have reiterated to industry insiders that the domestic market needs more refined petroleum products in the form of fuels – something she and President Biden have been saying for some time.
Unlike the president, who directly accused the industry of taking advantage of the high price situation, the energy minister chose a conciliatory tone, telling the industry that he was aware that there was no short-term solution to the fuel price problem.
However, the energy minister “confirmed that (Biden) is ready to act quickly and decisively, using the tools at his disposal, as appropriate,” a spokesman for the energy ministry was quoted as saying by Reuters.
According to unnamed industry sources who spoke to Reuters, the two sides could not agree on the most important points for each of them, despite Granholm’s willingness to drop the fuel export ban as an option and its willingness to consider removing smog. rules for lowering the prices of the pump.
Negotiations will continue despite differences, according to Reuters sources.
President Biden earlier this month attacked the oil industry, claiming it had made a lot of money thanks to rising oil prices and should use that money to increase production and refining.
The industry, represented by Exxon and Chevron, responded with investment data and criticism of federal energy policies, which served to discourage further investment in manufacturing and refining.
In response, the president reaffirmed his hostility to the oil industry, calling Chevron’s CEO “slightly sensitive” and saying, “I didn’t know they would hurt their feelings so quickly.”
By Irina Slav for Oilprice.com
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