Has There Been Any Follow Up on DOE Energy Meeting?

Has There Been Any Follow Up on DOE Energy Meeting?
Has there been any follow up on the energy meeting that U.S. Energy Secretary Jennifer M. Granholm held?

Has there been any follow up on the energy meeting that U.S. Energy Secretary Jennifer M. Granholm held?

That was one of the questions posed to White House Press Secretary Karine Jean-Pierre at a press briefing earlier this week. Answering the question, Jean-Pierre said, “as you know, that meeting went very well”. 

“We are … still looking to get to solution. We think that was a first step. There’s going to be more conversations … We just don’t have more to share on the next steps, specific next steps and what has been presented to the President,” the White House Press Secretary added in her response.

“But clearly, we’re looking for solutions. We want to get that capacity up. We want to make sure that refineries are increasing their capacity so that we can get … gasoline out there, we can get diesel out there so that the cost[s] for the American people … come on down,” Jean-Pierre continued.

“And so that’s what we’re going to continue to work on,” the press secretary went on to say.

The average price of regular gasoline in the U.S. on July 7 was $4.752 per gallon, according to the AAA gas prices website. Yesterday’s average was $4.779 per gallon, the week ago average was $4.857 per gallon, the month ago average was $4.919 per gallon and the year ago average was $3.137 per gallon, the AAA site showed. The highest recorded average price for regular gasoline was seen on June 14 at $5.016 per gallon, according to the site.

The U.S. Department of Energy (DOE) confirmed last month that Granholm led an in-person meeting with the CEOs and executives of seven major U.S. oil companies at the DOE headquarters in the morning of June 23. In an organization statement at the time, the DOE said 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.

Last month, U.S. President Joe Biden announced that he was calling on Congress to suspend the federal gas tax for the next 90 days and also called on states to either suspend the state gas tax or find other ways to deliver some relief. According to Dominika Rzechorzek, an oil and gas analyst at Fitch Solutions, the company sees a limited chance that U.S. President Joe Biden’s federal gasoline tax holiday will gain sufficient support in Congress. Other analysts have outlined that the gasoline tax holiday wouldn’t make much of a difference to consumers

Back in April this year, a White House fact sheet noted that Biden had announced the “largest-ever” release of oil from the Strategic Petroleum Reserves, which will put “one million additional barrels on the market per day on average - every day - for the next six months”. The fact sheet touted the move as one of the “actions to immediately increase supply and lower prices at the pump”.

To contact the author, email andreas.exarheas@rigzone.com

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