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Oil industry calls emergency meeting with Biden government ‘constructive’

Oil industry officials on Thursday called a meeting with a senior Biden administration official “constructive,” while the White House said the scrum was “productive” as both sides are under pressure from high gasoline prices.

President Joe Biden last week called for the big US oil price CL00,
+0.42%
refiners to attend the “emergency meeting” with Energy Secretary Jennifer Granholm, as he also criticized their profits and urged them to produce more RB00 gasoline,
+0.55%
and diesel.

“Secretary Granholm’s meeting with American refiners today was a constructive discussion on how to address rising energy costs and make global energy markets more secure,” said the American Petroleum Institute and American Fuel & Petrochemical Manufacturers in a joint statement on Thursday.

“While these challenges and their causes are complex – from Russia’s war in Ukraine to market imbalances left over from COVID – today’s productive results should send a positive signal to the market that the US is committed to long-term investments in a strong US refining industry commitment and alignment of policies to reflect that commitment. Our industry will continue to look for ways to work with policymakers to unlock American energy, fuel economic recovery and strengthen our national security.”

Ahead of Thursday’s meeting, Granholm would not rule out a possible ban on fuel exports as a way to combat high US inflation, saying Biden was “not ready to take tools off the table.”

During the meeting, Granholm backed away from the idea and expressed an interest in lifting the gasoline anti-smog regulations in the summer a Reuters report citing unnamed sources.

Analysts on Wednesday said Biden’s call for a gas tax holiday could signal his administration will pursue other interventions like a summer fuel formulation waiver.

White House press secretary Karine Jean-Pierre told reporters Thursday’s meeting was “a productive dialogue focused on providing an opportunity for industry to work with government to bring needed relief to American consumers.” procure”.

“The secretary made it clear that the government believes it is imperative for companies to increase gas supplies, and she reiterated that the President stands ready to act quickly and decisively, using the tools at his disposal as needed – including on sensible recommendations.” ‘ said Jean- said Pierre.

The meeting was a “first step with ongoing dialogue,” the White House spokeswoman added.

When reporters asked her why Biden stopped by at a White House meeting Thursday attended by wind energy industry executives FAN,
+0.87%
but didn’t stop by the meeting with executives from seven major refineries at Department of Energy headquarters, Jean-Pierre noted that one event “was actually a meeting here at the White House,” and she said it was Granholm’s “portfolio to meet with those.” oil managers.”

Biden sounded a bit combative Tuesday when discussing Chevron CVX,
-3.68%
CEO Michael Wirth’s view that the current administration has at times vilified the oil industry, with the president saying the executive branch is “slightly sensitive” and hinting that industry officials’ feelings were quick to hurt.

On Thursday, Wirth made an upbeat statement about the meeting with Granholm.

“Today’s meeting was a constructive conversation about addressing both near-term issues and longer-term stability in energy markets,” said the Chevron executive.

“We remain optimistic about our ability to work together to achieve these shared goals. We appreciate Minister Granholm’s invitation to take part in the conversation, which was an important step towards greater energy security, economic prosperity and environmental protection.”

Also on Thursday, the API and 27 other energy groups called out to Biden and his cabinet officials in a letter to visit major US energy facilities before the President embarks on his scheduled trip to oil-rich Saudi Arabia and other parts of the Middle East.

Analysts have predicted defeats for Biden’s Democratic Party in November’s midterm elections, largely due to high prices for gasoline and other essentials.

Now read: As Biden battles inflation, economists warn his weapons for this fight look “extremely limited.”

https://www.marketwatch.com/story/oil-industry-describes-emergency-meeting-with-biden-administration-as-constructive-11656013472?rss=1&siteid=rss Oil industry calls emergency meeting with Biden government ‘constructive’

Brian Lowry

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