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Biden officials end up in a deadlock over gasoline prices after talks between oil refiners

Major US oil refinersRefiners andUSEnergy Secretary Jennifer Granholm pumps without concrete from Thursday's emergency meeting { Announced how to reduce the price of 85}. According to sources familiar with the debate, there is a solution, but they promise to keep talking.

Both sides attended the meeting promising to cooperate in good faith, but the solutions are still quite far apart. For President Joe Biden and Big Oil, the debate happens in a tense moment. The president criticized the CEO for making huge profits from thefuelsupply crisis exacerbated by Russia's invasion of Ukraine.

Granholm, in a more reconciled tone, expressed interest in the refinery's proposal to abandon the summer petrol specification to counter smog but make fuel more expensive. The source said. She also downplayed the proposal to ban or limit fuel exports as a viable short-term option, sources said.

Read more:Here's how drivers around the world are dealing with soaring gasoline prices

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Wednesday Gasoline average Price at $ 4.955 per gallon According to data from the American Automobile Association, it was 37 cents for more than a month. $ 1.89 over a year ago.

Refiners reduced capacity during the shutdown of the COVID-19 crisis, but due to post-pandemic demand and the global fuel crisis after Western countries licensed Russian oil

The price of 92} has risen.

Exxon Mobil XOM.N, Chevron CVX.N and other refiners report significant profit growth at the end of 2021 and in the first quarter of this year And took a shower. Shareholders with repurchases and dividends.

Rising gas prices have a number of implications for the RV business

The White House is a refining industry per day The goal is to make a decision to idle about 1 million barrels. With the increase in production capacity after 2020, it claims to use the profits of bumpers to restart plants or units and help fill the supply gap that is pushing up the price of .

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There is a "patriotic" duty The White House said it would help with the supply. The

conference was attended by executives from ExxonMobil, Chevron, Marathon and Phillips 66 PSX.N.

"I think this is a more political fanfare than policy or substance," said John Hess, CEO of oil producer Hess HES.N, in New York on Thursday. Said at the meeting. Hess, who does not run a refinery, was not invited to the meeting.

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Refiners say investing in the reopening of a plant carries significant financial risks. The Byden administration has pledged to shift the country from fossil fuels that contribute to climate change, securing billions of dollars for the electric vehicle industry.

A group of 25 drilling and pipeline industry groups, including the American Petroleum Institute and the American Petroleum Institute, sent a letter to Biden on Thursday, exploring the vast United States prior to its July trip to Saudi Arabia. Encouraged to visit the energy source. The president is expected to encourage oil-rich countries to increase production.

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"American energy solutions are at our feet. The immeasurable US oil and gas resources We encourage you to rethink the possibilities – because it is the envy of the world and benefits the American family, the US economy, and our national security, "the group writes. The

industry attended the meeting seeking to persuade the Biden administration not to ban US fuel exports in order to combat record gas prices. They argue that the ban hurt allies that depend on exports and forced refiners to block capacity due to market losses. Granholm has removed the option from the table as a short-term solution, sources said.

Democratic Biden called on Congress on Wednesday to pass a three-month suspension of the federal gas tax, but it may provide little relief during the blow, legislation within his own party. A hole in the Highway Trust's budget covered by a petrol tax that met in opposition from those.

(Report by Jarrett Renshaw and Laura Sanicola, edited by Heather Timmons, Carmel Crimmins, Josie Kao)

© 2022 Reuters