Biden Officials Float Fuel Export Limit in Meeting With Refiners
After drawing down the Strategic Petroleum Reserves (SPR) to the lowest levels in many decades, for political purposes only, the Biden administration ups its nonsense with export control threats.
Bloomberg reports Biden Officials Float Fuel Export Limit in Meeting With Refiners
Energy Secretary Jennifer Granholm and other administration officials chastised the industry representatives for low diesel stockpiles, floating the possibility of export limits and a requirement for oil companies to hold minimum fuel inventories inside the US, according to people familiar with the matter who asked not be named describing the private virtual meeting.
“The president’s team emphasized that energy companies with record-high profits, record high exports and record-low inventories must step up and bring down prices at the pump,” the Energy Department said in an emailed statement.
At least one administration official also raised the prospect of a minimum inventory requirement, under which refiners or other participants in the US fuel supply chain could be forced to store more gasoline, diesel and other petroleum products domestically.
Reckless SPR Drawdown
The administration chastises representatives from Exxon Mobil Corp., Marathon Petroleum Corp., Phillips 66 and Shell Plc, at the meeting for low inventories after drawing down the SPR to recklessly low levels.
And it was Biden's drawdown for political, not strategic purposes that put bite in OPEC's decision to cut production by 2 million barrels a day.
The oil industry responded accurately.
“The focus of this administration should not be on trapping product in the United States or diverting fuel away from retail sales and into storage, but rather on how to better produce and more affordably move US product within the United States,” the American Fuel and Petrochemical Manufacturers and American Petroleum Institute said in a joint statement.
October Production Cut Surprise
Hoot of the Day
Biden personally pleaded with Saudi Arabia a few months back for more production instead of making oil production in the US easier.
And this administration has gone overboard with its message that it wants to get rid of fossil fuels.
So why should the oil industry ramp up production or increase capacity with this administration's fossil fuel killing mandate?
Finally, consider the irony of the administration demanding more production while threatening export restrictions simultaneously.
What a hoot.
This post originated at MishTalk.Com
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