White House meets with refiners on high pump prices

White House meets with refiners on high pump prices
MGN Online/ Fuel pump.
June 25th, 2022 | NAFB Service

U.S. Energy Secretary Jennifer Granholm recently expressed interest in possibly lifting smog-fighting gasoline rules to help fight high gas prices at the nation’s pumps. The secretary also backed off a plan to ban fuel exports during a wide-ranging meeting with refiners.

Reuters said tensions are high between President Biden and oil refiners. The two sides departed from the meeting far apart on possible solutions. Industry sources familiar with the meeting say both sides will continue talking. Biden has recently been critical of oil industry CEOs for pulling in huge profits from a supply crunch made worse by Russia invading Ukraine.

The White House is unhappy with the refining industry’s move to idle about one million barrels per day of production capacity since 2020. Administration officials say the companies need to use those profits to restart plants and help fill the supply gap. Refiners say investing in reopening plants carries significant financial risks.

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