US Secretary of Energy Jennifer Granholm speaking at the CERAWeek energy conference in Houston on Wednesday, he said the Biden administration wants to work with US oil and gas producers to increase supply, Reuters reported.
The impacts of higher fuel costs are “real and severe,” Granholm added, saying “we have a responsibility to increase supply in the short term where we can to stabilize the market.” He said that included more strategic reserve releases and energy companies producing more “where they can,” adding that “in this time of crisis, we need more supply.”
Granholm noted that “we still have to factor in the impact of climate change,” but that the Biden administration needs to be pragmatic about what the energy transition means. “Right now, we need oil and gas production to increase to meet current demand,” she continued, saying the US is looking around the world to see who can increase production. Stockpile releases “may have to happen again,” she noted, adding that we are focused on “easing the pain at the pump.”
Source: Fx Street
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