• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 days The United States produced more crude oil than any nation, at any time.
  • 8 days e-truck insanity
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 7 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 6 days James Corbett Interviews Irina Slav of OILPRICE.COM - "Burn, Hollywood, Burn!" - The Corbett Report
  • 7 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 8 days Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 8 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 11 days Bankruptcy in the Industry
Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

More Info

Premium Content

Granholm: Biden Still Has More Tools To Solve High Gasoline, Energy Prices

  • Energy Secretary Granholm: Build Back Better agenda will help save Americans from energy price shocks in the future
  • Energy Secretary Granholm: "we are going to turn the corner in 2022."
  • The Secretary stressed that the President still has more tools at his disposal
Drilling rig

On the day when President Joe Biden's plan to release 50 million barrels of crude oil from the nation's emergency stockpiles—in concert with other oil-consuming nations—U.S. Energy Secretary has said that the Build Back Better agenda will help save Americans from these energy price shocks in the future.

Granholm, speaking at a White House press briefing on Tuesday afternoon, pointed out that oil prices haven't been this high in seven years—but that oil prices have fallen 10% over the last couple of weeks—a testament to the President's leadership in working with other countries to release barrels of oil from emergency stockpiles. Meanwhile, Granholm distanced the President from gasoline prices by saying definitively that the President does not control the price of gasoline.

The reason for today's high oil prices, according to Secretary Granholm, is oil production, which is lagging behind as the "economy roars back to life after the shutdown".

OPEC+ has been ramping up production for months but has cautioned against ramping up production too quickly, because the group sees the market swinging back to a surplus next year.

Secretary Granholm also sees a similar scenario. According to Granholm, they are predicting that "we are going to turn the corner in 2022."

U.S. shale has also not yet ramped up production to pre-pandemic levels, with crude oil inventories 7% below the five-year average. For U.S. shale producers, investment rates hit an all-time low in Q3—resulting in a record cash flow. And Rystad is predicting even lower investments by year-end. This reality of reluctant investments—although contrary to the President's green agenda, is worrisome for the administration in the short term, which finds high gasoline prices unpalatable.

But long term, the Biden Administration has a solution to energy price shocks: The Build Back Better agenda, which will diversify energy sources by focusing on solar, wind, hydrogen, geothermal, and advanced nuclear; and reducing reliance on foreign sources of oil.

The Biden Administration has been begging those foreign sources of oil for additional oil over the last few weeks to solve its short-term gasoline problem but has gotten nowhere.

But the President seems to have more up his sleeve.

The Secretary stressed that the President still has more tools at his disposal and is still prepared to use every appropriate tool to address not just the high cost of gasoline but the high cost of energy for Americans in general.


By Julianne Geiger forOilprice.com

More Top Reads From Oilprice.com:

Download The Free Oilprice App Today

Back to homepage

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News