With gas and oil prices at their highest since 2008, Secretary of Energy Jennifer Granholm stood in front of several energy executives with a simple message: raise output!
At a Glance
- Jennifer Granholm explained how she believes raising output will benefit American families.
- On Sunday, March 6, oil prices raised to $130 per barrel
- Granholm supports President Joe Biden’s energy policy
On Wednesday, the 63-year-old politician voiced her concerns to CERAWeek by S&P Global. “We are in an emergency, and we have to responsibly increase short-term supply where we can right now to stabilize the market and minimize harm to American families.”
Last week and in November 2021, the U.S. utilized the Strategic Petroleum Reserve. However, Jennifer Granholm didn’t deny the possibility of a third release. She also called the private sector and Wall Street to contribute. “I hope your investors are saying these words to you as well,” she said. “In this moment of crisis, we need more supply. Right now, we need oil and gas production to rise to meet current demand.”
Since the COVID-19 pandemic, gas, and oil companies have shifted their business models. Companies continue to pay down debts, announce share buybacks, and increase profits.
In her appeal to an industry that has felt cut off by the administration, Granholm said the Department of Energy and the Biden administration are prepared to work with producers.
Oil prices raised to $130 per barrel on Sunday, March 6. This is the highest level since 2008. Less than two years ago, West Texas Intermediate, the U.S. oil benchmark, traded less than zero.
Jennifer Granholm urged the government to work with the industry. But this time, they’re helping to move toward clean energy options. “It’s hard to see history in the making when you’re right in the middle of it. I think that we are on the cusp of the most important transition that human society’s ever seen,” she said.
Jennifer Granholm Calls On Energy Executives to Raise Supply
On Wednesday, U.S. Energy Secretary Jennifer Granholm asked energy executives to start to raise the supply immediately. Thanks to FOX Business, let’s take a deeper look into this story.
“We have to responsibly increase short-term supply where we can right now to stabilize the market and to minimize harm to American families,” Granholm said. “And that means releases from the strategic reserves across the world like we’ve done.”
Granholm spoke to the audience at the CERAWeek by S&P Global conference. “That means you producing more right now, where and if you can. In this moment of crisis, we need more supply,” she continued. Her speech also included her criticism towards industry representatives and politicians criticizing President Joe Biden’s energy policy.
“People are arguing that if a pipeline that wouldn’t have even been in operation by now we’re still under construction, the situation with today’s oil prices would be different,” Granholm stated. “Or that President Biden’s policies have decreased production when we’re actually at record levels of natural gas and LNG and will be at record levels of oil production. We all know that that is the same old D.C. BS.”