No miracle gas price fix as big Oil US govt meet

No miracle gas price fix as big Oil US govt meet

WASHINGTON: Biden administration officials and oil industry executives huddled in Washington to discuss potential steps to address runaway gasoline prices, and while both sides called the talks constructive, no concrete plans for relief emerged. High prices at the pump are weighing on American consumers – and damaging President Joe Biden’s approval rating. Heading into the gathering, Energy Secretary Jennifer Granholm said she hoped the meeting would result in refiners boosting gasoline supplies to lower prices for the summer vacation driving season.

Afterwards, the Energy Department said the talks had had a “productive focus on dissecting the current global problems of supply and refining,” and promised “ongoing dialogue” to “alleviate the current supply and price challenges.” Similarly, the American Petroleum Institute and American Fuel & Petrochemical Manufacturers called the meeting a “constructive discussion about ways to address rising energy costs and create more certainty for global energy markets.”

Chevron, Phillips 66 and Shell all released upbeat statements, with Shell US President Gretchen Watkins praising Granholm for setting a “collaborative tone” by noting that Shell and others had shifted some refining capacity to produce biofuels. But no practical steps to immediately boost supply were revealed. White House press secretary Karine Jean-Pierre called the gathering