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Granholm Meets With Major Oil Companies

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The US Department of Energy (DOE) has confirmed that  Jennifer M. Granholm, Secretary of Energy, led an in-person meeting with CEOs and executives of seven major US oil companies at the DOE headquarters in the morning of June 23.

Granholm reminded the companies that their consumers, workers, and communities are feeling the pain at the pump because of Putin’s price hike, and that at a time when Putin is using energy as a weapon, oil companies must deliver solutions to ensure secure, affordable supply.

The DOE in an organization statement said: “The Secretary made clear that the administration believes it is imperative that companies bring supply online to get more gas to the pump at lower prices.

“She reiterated that the President is prepared to act quickly and decisively, using the tools available to him as appropriate, on sensible recommendations.

“At a time when the US is achieving record oil production under the Biden administration, and President Biden is taking historic actions to add to that supply, including releasing one million barrels a day from the Strategic Petroleum Reserve and rallying the world to add an additional 240 million barrels, she reiterated the President’s call for them to do more to ensure that their companies are passing savings on to their customers.”

The DOE said that the meeting took a productive focus on dissecting the current global problems of supply and refining, generating an opportunity for industry to work with the government to help deliver needed relief to American consumers. The group is said to have discussed what the companies are doing to keep existing operations safely online, the technical, economic, and policy hurdles to increasing domestic refining capacity, and the need to reinvest in current and future technologies.

According to the DOE, the meeting is part of an ongoing dialogue about more effective collaboration. Granholm directed her team to continue working with the seven companies, along with any other interested companies, to pursue solutions that alleviate the current supply and price challenges, and to look at how the industry can be better prepared for the future and strengthen the country’s energy security for the long haul.

The American Petroleum Institute (API) and American Fuel & Petrochemical Manufacturers (AFPM), In a joint statement referring to the oil industry meeting with Granholm, said: “Secretary Granholm’s meeting with American refiners … was a constructive discussion about ways to address 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 market imbalances leftover from Covid, productive outcomes … should send a positive signal to the market that the US is committed to long-term investment in a strong US refining industry and aligning policies to reflect that commitment.

“Our industry will continue to seek opportunities to work with policymakers to unlock American energy, fuel economic recovery, and strengthen our national security.”

In 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 refiners didn’t play ball in the meeting. Granholm, responding to the question, said: “Let’s just take it one step at a time.

“I believe that, you know, we are going into this to have an earnest conversation with them about what it would take. We know that there have been six refineries closed since 2020 … I think five of them in 2021 …  and we want to ask, ‘Is there capacity to bring something back online, to expand?’, so … let’s see how that conversation goes. I don’t want to assume anything.

“We know that they are feeling the pressure not just from the administration, but from people out there about the price at the pump. And it’s important that they listen to their own employees, as well as the communities that they serve.”

For more information visit www.energy.gov