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Biden Snubbed Oil Firms And Met With Offshore Wind Partnership

Tyler Durden's Photo
by Tyler Durden
Friday, Jun 24, 2022 - 07:45 PM

By Charles Kennedy of Oilprice.com

U.S. President Joe Biden met on Thursday with governors, labor leaders, and business leaders to discuss the implementation of more offshore wind capacity, snubbing oil company executives who were meeting with U.S. Energy Secretary Jennifer Granholm to discuss the soaring gasoline prices in America.

The White House is desperate to lower gasoline prices, which are the most important election issue for many Americans ahead of the mid-term elections in November. Ideas juggled by the Biden Administration range from invoking the Defense Production Act to boost refining capacity and output, to restrictions on oil exports. President Joe Biden also stepped up rhetoric toward oil companies, telling them in a letter sent last week to increase fuel production and noting that “refinery profit margins well above normal being passed directly onto American families are not acceptable.” 

While oil refiners were summoned to meet with Secretary Granholm, President Biden was meeting with officials and executives to discuss an offshore wind partnership. During the meeting, President Biden said the Administration had set a bold target of 30 gigawatts (GW) of offshore wind capacity by 2030.

“And this is a real boost for energy security. It really changes the creation of — and jobs, and it cuts consumer costs,” President Biden said.  

Meanwhile, Energy Secretary Granholm met with U.S. refiners, reminding them that “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,” the Department of Energy said in the readout of the meeting.

Secretary Granholm also “reiterated the President’s call for them to do more to ensure that their companies are passing savings on to their customers.”

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