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US government and oil companies discuss prices without reaching agreements

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The government of the President of USA, Joe Bidenheld a meeting this Thursday “constructive” with the seven largest oil companies in the country, which he urged to increase production to lower gasoline prices, which are at record highs, although no concrete agreements were reached.

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The meeting took place this Thursday morning between the executive directors and presidents of the oil companies and the US Secretary of Energy, Jennifer Granholmthe White House spokeswoman reported in her daily press conference, Karine Jean Pierre.

“There was -said the spokeswoman- a productive dialogue, focused on creating opportunities for the industry to work with the Government to help provide the necessary relief to American consumers”.

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However, there was no big announcement as a result of the appointment, which was a “first step” in a process of “multi-step” that will take time, explained Jean-Pierre.

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Biden has been increasing pressure on oil companies in recent weeks, which he accuses of keeping production low while demand remains and prices rise, reaching figures never seen before and hurting American consumers.

The average price of a gallon of gasoline (3.78 liters) in the United States has been hovering around US$5 for days, a historical record and occurs when the country is experiencing the highest inflation in 40 years.

For its part, the association of producers of fuel and petrochemical products of the United States (AFPM) said in a statement that the price increase is the result of a series of “complex causes”as the war in ukraine and the economic stoppage of the pandemic, which reduced the demand for oil.

However, he assured that the oil companies are willing to work with the political class to advance the economic recovery and safeguard the national security of the United States.

The encounter with Granholm, they claimed, should send a “positive signal to the market” that shows that “The United States is committed to long-term investments” to strengthen the country’s oil industry, something that Biden has not yet committed to doing.

Biden, in fact, arrived at the White House with the promise of advancing the transition to renewable energy, which provoked the rejection of fossil fuel companies.

The president announced this Thursday his support for an alliance of 11 governors from the East Coast of the United States to promote the installation of wind farms outside the coast of the country.

Source: Gestion

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