Major U.S. oil refiners and U.S. Energy Secretary Jennifer Granholm emerged from an emergency meeting on Thursday on how to lower pump prices with no concrete solutions but a promise to continue talking, according to a source familiar with the discussions.
"I think this is more political fanfare than it is about policy and substance," John Hess, CEO of oil producer Hess Corp
Refiners say investing in reopening plants carries significant financial risks. The Biden administration came into office vowing to shift the country away from fossil fuels that contribute to climate change, and has secured billions of dollars for the electric vehicle industry. "American-made energy solutions are beneath our feet, and we urge you to reconsider the immense potential of U.S. oil and natural gas resources – that are the envy of the world – to benefit American families, the U.S. economy and our national security," the group wrote.
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