Latest News

U.S. energy secretary to meet with refining executives over soaring pump prices, sources say

Fuel prices at a Chevron gas station in Menlo Park, California, on Thursday, June 9, 2022.
David Paul Morris | Bloomberg | Getty Images

U.S. Energy Secretary Jennifer Granholm is expected to meet with refining executives on June 23 as tensions between the White House and the oil industry mount over soaring gasoline prices, sources familiar with the matter told Reuters.

The planned talks come as President Joe Biden, under pressure over high gasoline prices, has demanded that oil refining companies explain why they are not putting more fuel on the market as they reap windfall profits.

The U.S. oil industry’s main trade groups pushed back on the Biden administration on Wednesday in a letter to Biden, pointing out that the nation’s oil refineries are already running at close to full capacity.

“Any suggestion that U.S. refiners are not doing our part to bring stability to the market is false,” said Chet Thompson, the head of the American Fuel and Petrochemicals Manufacturers.

Energy companies are enjoying bumper profits since Russia’s invasion of Ukraine, as punitive U.S. sanctions against Moscow add to a global supply squeeze driving crude prices above $100 a barrel and U.S. gasoline prices to records over $5 a gallon.

U.S. refiners, meanwhile, are running at near-peak levels to process fuel — currently at 94% of capacity, according to government data.

The White House, concerned about voter anger ahead of the November midterm elections, has already attempted to curb energy inflation by releasing record amounts of crude oil from emergency stockpiles and by waiving some anti-smog regulations for summertime blends of gasoline.

But administration officials are in touch with the refining industry to determine if there are other actions that can be taken to increase fuel supplies.

Is This Biotech Stock Immune to Volatility?

Previous article

5 REITs With Massive Dividend Yields

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News