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Charles Kennedy

Charles Kennedy

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Biden Snubbed Oil Firms And Met With Offshore Wind Partnership

  • Biden met on Thursday with industry leaders to boost offshore wind capacity.
  • Oil refiners, in the meantime, were summoned to meet with Secretary Granholm.
  • Granholm's meeting with U.S. refiners didn't lead to any commitments from either side.

U.S. President Joe Biden met on Thursday with governors, labor leaders, and business leaders to discuss the implementation of more offshore wind capacity, snubbing oil company executives who were meeting with U.S. Energy Secretary Jennifer Granholm to discuss the soaring gasoline prices in America.

The White House is desperate to lower gasoline prices, which are the most important election issue for many Americans ahead of the mid-term elections in November. Ideas juggled by the Biden Administration range from invoking the Defense Production Act to boost refining capacity and output, to restrictions on oil exports. President Joe Biden also stepped up rhetoric toward oil companies, telling them in a letter sent last week to increase fuel production and noting that “refinery profit margins well above normal being passed directly onto American families are not acceptable.” 

While oil refiners were summoned to meet with Secretary Granholm, President Biden was meeting with officials and executives to discuss an offshore wind partnership. During the meeting, President Biden said the Administration had set a bold target of 30 gigawatts (GW) of offshore wind capacity by 2030.

“And this is a real boost for energy security. It really changes the creation of — and jobs, and it cuts consumer costs,” President Biden said.  

Meanwhile, Energy Secretary Granholm met with U.S. refiners, reminding them that “oil companies must deliver solutions to ensure secure, affordable supply.”

“The Secretary made clear that the Administration believes it is imperative that companies bring supply online to get more gas to the pump at lower prices. She reiterated that the President is prepared to act quickly and decisively, using the tools available to him as appropriate, on sensible recommendations,” the Department of Energy said in the readout of the meeting.

Secretary Granholm also “reiterated the President’s call for them to do more to ensure that their companies are passing savings on to their customers.”

By Charles Kennedy for Oilprice.com

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Leave a comment
  • Art on June 24 2022 said:
    Renewable energy costs so much more than oil and gas. It is insane that we are continuing to double down on renewables during an energy crisis. If the administration just thought things through logically, they would focus on getting more out of oil and gas and then work on their renewable crusade after the energy crisis is fixed. Nope, they are enduring it’ll last longer and be worse with the steps they are taking.
  • Paul Soares on June 24 2022 said:
    Current US generation capacity is over 1000GW. I doubt adding 30GW of capacity will impact the market much. The energy market grows by 3% per year. So in reality that 30GW is just enough to keep up. I'm bullish on wind, but we should also be realistic about how much these low density sources can generate.
  • Carlos Everett on June 24 2022 said:
    The Secretary of Energy has determined that she is a parrot sitting in her office and just repeating her bosses issues. Yes the Energy companies should spend billions on refining capacity, but yes we will expand wind energy so no you will not get any return on your investment

    Biden had no clue how the economy works and is proof that after 50 years in govt is all he knows is spend , spend, spend. At least Trump understood the business community. No i will not vote for Trump but i will vote for any candidate that understands business, either democrat or republican.

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