SENIOR biden administration officials pressed US gasoline producers to curtail overseas sales during a tense meeting, suggesting the government could force the industry to hold more fuel in US tanks, reports Bloomberg News.
US energy secretary Jennifer Granholm criticized the industry representatives for low diesel stockpiles, hinting at possible export limits and a requirement for oil companies to hold minimum fuel inventories inside the US.
It was the latest in many meetings between the Biden administration and oil companies this year, as the White House seeks to lower energy costs contributing to high inflation.
In addition to Ms Granholm, the session included representatives from Exxon Mobil Corp, Marathon Petroleum Corp, Phillips 66, Shell Plc, National Economic Council directors Brian Deese and Amos Hochstein.
'The president's team emphasized that energy companies with record-high profits, record high exports, and record-low inventories must step up and bring down prices at the pump,' said the Energy Department.
Officials stressed their concerns with increased petroleum product exports and complained companies were collecting high profits while failing to address low fuel inventories.
Oil industry trade groups declared the administration's approach was misguided.
'The focus of this administration should not be on trapping product in the US or diverting fuel away from retail sales and into storage, but rather on how to better produce and more affordably move US product within the United States,' said the American Fuel and Petrochemical Manufacturers and American Petroleum Institute.
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US energy secretary Jennifer Granholm criticized the industry representatives for low diesel stockpiles, hinting at possible export limits and a requirement for oil companies to hold minimum fuel inventories inside the US.
It was the latest in many meetings between the Biden administration and oil companies this year, as the White House seeks to lower energy costs contributing to high inflation.
In addition to Ms Granholm, the session included representatives from Exxon Mobil Corp, Marathon Petroleum Corp, Phillips 66, Shell Plc, National Economic Council directors Brian Deese and Amos Hochstein.
'The president's team emphasized that energy companies with record-high profits, record high exports, and record-low inventories must step up and bring down prices at the pump,' said the Energy Department.
Officials stressed their concerns with increased petroleum product exports and complained companies were collecting high profits while failing to address low fuel inventories.
Oil industry trade groups declared the administration's approach was misguided.
'The focus of this administration should not be on trapping product in the US or diverting fuel away from retail sales and into storage, but rather on how to better produce and more affordably move US product within the United States,' said the American Fuel and Petrochemical Manufacturers and American Petroleum Institute.
SeaNews Turkey