• 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
  • 57 mins GREEN NEW DEAL = BLIZZARD OF LIES
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 8 mins Even Shell Agrees with Climate Change!
  • 2 days How Far Have We Really Gotten With Alternative Energy
  • 2 days World could get rid of Putin and Russia but nobody is bold enough
  • 3 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in

Breaking News:

OPEC Lifts Production in February

U.S. Energy Secretary Calls On Oil Industry To Pump More

U.S. Energy Secretary Jennifer Granholm has called on the oil industry to ramp up production in response to soaring fuel prices.

"We are on a war footing," Granholm said at the CERAWeek industry conference, as quoted by Bloomberg. "The DOE and the Biden Administration is ready to work with you. We need oil and gas production to rise."

As for the administration's energy transition agenda, Granholm said the transition and a short-term ramp-up in oil supply were not mutually exclusive.

"We can walk and chew gum at the same time," she said.

True as that might be, the U.S. oil industry has been having trouble raising production and this time it has had nothing to do with Washington policies.

The overall labor shortage in the U.S. has not spared oil and gas, according to a recent Reuters report that cited industry insiders and analysts. In addition to this shortage of workers, the industry has run into oilfield materials and equipment shortages, which has turned production growth into a major challenge.

All these shortages were "not adequately recognized as a significant impediment for growth," Occidental's Vicki Hollub told CERAWeek, as quoted by Reuters. "Nobody really anticipated needing to grow significantly," the executive also said. "If you did not plan for growth, you are not going to be able to achieve growth today."

Meanwhile, the State Department's special envoy and international energy affairs coordinator has called "nonsense" U.S. oil industry claims that it was White House policies that have contributed to their priority rearrangement. According to Amos Hochstein, the blame lies with Wall Street investors hungry for returns, the Financial Times reported this week.

ADVERTISEMENT

"If there's anyone that's standing in the way, according to them, it's their financial backers, who are insisting on dividends and fiscal discipline in the face of a war in Europe, and the highest prices we have seen in a couple of generations," Hochstein told the FT in an interview.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | 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