The U.S. Department of Energy (DOE) confirmed Thursday that Secretary of Energy Jennifer M. Granholm led an in-person meeting with the CEOs and executives of seven major U.S. oil companies at DOE headquarters on the morning of June 23.
Granholm reminded businesses that their consumers, workers, and communities are feeling the pain at the pump because of Putin’s price hikes, and that at a time when Putin is weaponizing energy, oil companies must propose solutions to guarantee a secure and affordable supply. , noted a statement from the DOE.
“The Secretary has made it clear that the administration believes it is imperative that companies bring supply online to get more gas at the pump at lower prices,” the DOE said in a statement from the organization. .
“She reiterated that the President stands ready to act quickly and decisively, using the tools at his disposal, as appropriate, on sensible recommendations,” the DOE added in the statement.
“At a time when the United States is reaching record oil production under the Biden administration, and President Biden is taking historic steps to add to that supply, including releasing one million barrels a day from the Strategic Petroleum Reserve and rallying the world to add another 240. million barrels, she reiterated the President’s call for them to do more to ensure their companies pass the savings on to their customers,” the DOE continued.
The meeting productively focused on dissecting current global supply and refining issues, generating an opportunity for the industry to work with the government to help provide needed relief to U.S. consumers, said the DOE. The group reportedly discussed what companies are doing to keep existing operations safely online, the technical, economic and political barriers to increasing domestic refining capacity, and the need to reinvest in current and future technologies. .
According to the DOE, Thursday’s meeting will be part of an ongoing dialogue for more effective collaboration. Granholm asked his team to continue working with the companies, as well as any other interested companies, to seek solutions that alleviate the current supply and price challenges, and how the industry can be better prepared for the future. future in order to strengthen the country’s long-term energy security. , pointed out the DOE.
In a joint statement referencing the petroleum industry’s meeting with Granholm, the American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers (AFPM) said, “Secretary Granholm’s meeting with U.S. refiners… was a constructive discussion on ways to deal with rising energy costs. and create more certainty for global energy markets”.
“While these challenges and their causes are complex, from Russia’s war in Ukraine to the market imbalances left by Covid, the productive results … should send a positive signal to the market that the United States is committed to investing for the long term. in a strong U.S. refining industry and aligning policies to reflect that commitment,” the joint statement added.
“Our industry will continue to seek opportunities to work with policymakers to unleash American energy, fuel economic recovery, and strengthen our national security,” the API-APFM statement concluded.
At a press briefing by press secretary Karine Jean-Pierre and Granholm on June 22, Granholm was asked what the administration was prepared to do if the refiners did not play ball at the meeting. Responding to the question, Granholm said, “Let’s take it one step at a time.”
“I believe, you know, we’re going in there to have a serious conversation with them about what it would take. We know there have been six refineries closed since 2020…I think five of them in 2021…and we want to ask, “Is there the capacity to bring something back online, to expand? “, so… let’s see how this conversation goes. I don’t want to assume anything,” Granholm added during the press briefing.
“We know they’re feeling the pressure not only from the administration, but also from the people about the price at the pump. And it’s important that they listen to their own employees, as well as the communities they serve,” Granholm continued.
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