The US Secretary of Energy called on her country’s oil companies to produce more to ease the market, amid the war in Ukraine and the US embargo on Russian crude imports.
“We need more supplies,” Jennifer Granholm said during a speech at CERAWeek in Houston, Texas.
“We are on the brink of war,” she continued, addressing an audience of leading companies in the sector. “That means we draw on strategically available (oil) resources around the world.”
“And that means for you that you have to produce more today, if you have the opportunity,” he insisted.
On Tuesday, President Joe Biden announced an embargo on imports of oil and by-products from Russia to the United States.
Despite the price spike, oil groups have so far refused to actually increase production, saying they fear a return to a surplus environment.
Ms. Granholm also assured that the need for greater fossil fuel supply in the short term does not call into question the Biden’s commitment to the energy transition.
“We are serious about the US economy’s dependence on fossil fuels,” she said. “We can do both at the same time.” However, “today, we need increased gas and oil production to meet demand,” he reiterated.
Fuel consumption increased last week in the US compared to the previous year, without, for the time being at least, seeming to be affected by rising prices at gas stations.
They set a new record in the country yesterday, with the gallon (3.78 liters) reaching $ 4.25, a price increased by 22% compared to the previous month.
SOURCE: AMPE
Source: Capital
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