WASHINGTON, D.C. — At President Biden’s direction, U.S. Secretary of Energy Jennifer M. Granholm this morning led an in-person meeting with CEOs and executives of the seven major U.S. oil companies at the U.S. Department of Energy headquarters in Washington, D.C.
Secretary 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 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 U.S. 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 meeting took a productive focus on dissecting the current global problems of supply and refining, generating an opportunity for industry to work with government to help deliver needed relief to American consumers. The group 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 into current and future technologies. They also delved into actions that could increase preparedness on the Eastern seaboard as the country moves deeper into Atlantic hurricane season.
The Secretary expressed that today’s meeting will be part of an ongoing dialogue for more effective collaboration. She directed her team to continue working with these companies, along with any other interested companies, to pursue solutions that alleviate the current supply and price challenges, and how industry can be better prepared for the future to strengthen the country’s energy security for the long haul.