Tag Archives: Jennifer Granholm

White House looks to rein in gas prices ahead of busy travel season

The White House is pulling out various stops in an effort to get gas prices under control at the start of what is expected to be a busy holiday travel season.

The administration is tapping into the strategic petroleum reserve and President BidenJoe BidenOvernight Health Care — Feds, military top 90 percent vaccine rate Cities prep security plans for large holiday crowds On The Money — Biden’s big plans for the Fed MORE has called on the Federal Trade Commission to investigate whether oil companies are responsible for increased prices.

But the focus on gas prices has provided fuel for Republican attacks on Biden’s handling of the economy, and his energy policies in particular, at a time when the White House is hoping to rally support for ambitious climate goals in its roughly $2 trillion spending plan.

AAA predicted this month that 53.4 million people will travel for the Thanksgiving holiday, a 13 percent increase from 2020 when many Americans opted not to travel with coronavirus cases and deaths surging around the country.

The busy travel season to come has put a spotlight on gas prices in particular amid broader concerns about inflation, something the White House has attempted to show it has under control.

“Obviously, the president does not control the price of gasoline — no president does,” Energy Secretary Jennifer GranholmJennifer GranholmButtigieg has high name recognition, favorability rating in Biden Cabinet: survey Energy chief describes oil reserve release as ‘bridge’ before prices fall Will Biden’s release of oil reserves ease prices? Experts say it’s unlikely MORE told reporters on Tuesday. “But what we’re seeing right now is this global mismatch between supply and demand. Oil production is lagging behind as the rest of the economy roars back to life after the shutdown.”

“So, we, in this administration, are leaving no stone unturned as we examine the market to figure out what’s behind the high prices,” she said.

The White House has shown more urgency in recent weeks in publicly messaging how it is trying to provide relief for Americans grappling with inflation, particularly after the Labor Department released statistics showing consumer prices grew far faster than expected in October and that annual inflation had hit a 30-year high. That rise was in part a result of rising energy costs, and increased costs at the gas pump.

Biden last week wrote to the Federal Trade Commission requesting the agency look into whether oil companies were unfairly spiking prices at the pump.

And on Tuesday, the administration announced it would release 50 million barrels of oil from the nation’s Strategic Petroleum Reserve in coordination with several other countries in an effort to match supply with demand.

Experts have questioned whether either move will do much to meaningfully bring down prices immediately, and they cautioned other factors, like the course of the pandemic, are more likely to affect the trajectory in the months to come.

That has led some conservatives to question whether the White House’s actions on gas prices were more of a political maneuver as poll after poll has shown voters souring on Biden, particularly over his handling of the economy, with his approval ratings dropping into the low 40s.

“This is being done in order to use every tool at the president’s disposal to lower the price of gas for the American people,” White House press secretary Jen PsakiJen PsakiBiden: Guilty verdicts in Arbery case ‘not enough’ Buttigieg has high name recognition, favorability rating in Biden Cabinet: survey Overnight Energy & Environment — Biden to release 50M barrels from oil reserve MORE said Tuesday when asked if tapping into the strategic reserve was being done for political purposes.

Republicans have gone on offense over inflation for the last few weeks, and the Biden administration’s decision to release oil from the strategic reserve provided more fodder for attacks on its energy policies.

Former President Donald TrumpDonald TrumpTrump Organization exec not expecting to face charges, lawyer says Marjorie Taylor Greene introduces bill to award Congressional Gold Medal to Rittenhouse Drones are a strategic liability for US MORE and GOP lawmakers argued the Biden administration’s desire to shift away from fossil fuels and toward clean energy industries has led to problems at the pump.

“Today’s announcement is nothing more than a gesture. If the president and his administration wanted to make a real, long-term impact, they would work to maximize domestic production and expedite energy infrastructure like pipelines—not close federal lands to drilling and add a federal tax to methane,” Sen. Shelley Moore CapitoShelley Wellons Moore CapitoBipartisan success in the Senate signals room for more compromise Biden administration takes step toward reversing Trump water regulations rollback Meghan: Paid leave not about politics, ‘just a humanitarian issue’ MORE (R-W.Va.), ranking member on the Senate Environment and Public Works Committee, said in a statement.

Sen. John BarrassoJohn Anthony BarrassoBiden administration to release 50 million barrels of oil from strategic reserve Energy information chief blames market for high fuel prices Let’s plan for human ingenuity in our fight against climate change MORE (R-Wyo.), the top Republican on the Senate Energy and Natural Resources Committee, accused Democrats of “waging a war on American energy.

Even Sen. Joe ManchinJoe ManchinBernie Sanders’ ex-spokesperson apprehensive over effectiveness of SALT deductions The GOP’s post-1/6 playbook is clear — and it’s dangerous Giving thanks — and thinking about the hungry MORE (D-W.Va.), who has opposed some climate initiatives in Biden’s Build Back Better agenda, called the release of oil from the reserves an “important policy Band-Aid for rising gas prices” while criticizing the administration’s energy policy as “shortsighted.”

Biden in remarks Tuesday sought to assure the public that the U.S. economy was on the upswing and a rise in prices would not be a long-term concern.

“I also want to briefly address one myth about inflated gas prices: They are not due to environmental measures. My effort to combat climate change is not raising the price of gas or increasing its availability,” Biden said in prepared remarks, arguing investments in electric vehicles, solar panels and other sectors would spur job creation and innovation.

“Let’s beat climate change with more extensive innovation and opportunities,” he added. “We can make our economy and consumers less vulnerable to these sorts of price spikes when we do that.”



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Schumer presses Biden to tap oil reserves to lower gas prices

Senate Majority Leader Charles Schumer (D-N.Y) urged the Biden administration on Sunday to make use of emergency petroleum reserves in an effort to lower gas prices ahead of the holiday season. 

“We’re here today because we need immediate relief at the gas pump and the place to look is the Strategic Petroleum Reserve,” Schumer said during a press conference in New York on Sunday, according to Reuters

“No industry is spared. But fuel gasoline is the worst of all,” Schumer said of the ongoing supply chain disruptions. “Let’s get the price of gas down right now. And this will do it.”

But analysts have said that making use of the reserves would provide only a short-term solution and wouldn’t increase the country’s production capabilities, Reuters reported.

While Biden has not committed to tapping the U.S. Strategic Petroleum Reserve, which is located in caverns on the coasts of Texas and Louisiana, Energy Secretary Jennifer GranholmJennifer GranholmGas prices dip but remain more than higher than this time last year Democrats double down on extreme: New plans could kill off essential energy infrastructure Biden marks Veterans Day at Arlington National Cemetery MORE has said he’s considering it. 

“That’s one of the tools that he has, and he’s certainly looking at that,” Granholm said last weekend  on CNN. 

Granholm also said that she was hopeful gas prices would not reach an average of $4 per gallon soon, noting that the Organization of the Petroleum Exporting Countries was “controlling the agenda.”

Last week, average gas prices in the U.S. fell to $3.41 per gallon, down one cent from the previous week but up more than $1 from the same time last year. 

The Hill has reached out to Schumer for comment. 



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Energy secretary says she hopes gas prices won’t reach $4

Energy Secretary Jennifer GranholmJennifer GranholmGranholm touts ‘really exciting’ provision in infrastructure bill at COP26 World’s energy ministers to convene in Pittsburgh next year Overnight Energy & Environment — Presented by The American Petroleum Institute — Biden official defends ‘carrots’-based approach MORE said on Sunday that she hopes gas prices will not reach $4 per gallon soon, adding that the Organization of the Petroleum Exporting Countries (OPEC) is “controlling the agenda.”

“According to AAA, the national average of gas prices is now $3.42 a gallon. Bank of America is predicting crude oil prices could soar another 50 percent by next June. Could the average gas price in America be $4 a gallon in the United States soon?” “State of the Union” co-anchor Dana BashDana BashFive things to watch in the Virginia governor’s race Buttigieg twins dress as ‘twinfrastructure’ for Halloween Officials, lawmakers express optimism on infrastructure, spending vote MORE asked Granholm on CNN.

“Well, we certainly hope not,” the Energy secretary answered, saying President BidenJoe BidenVirginia loss lays bare Democrats’ struggle with rural voters After victory, Biden seeks political rebound Sunday shows preview: House passes bipartisan infrastructure bill; Democrats suffer election loss in Virginia MOREis all over this.”

“Of course, every president is frustrated because they can’t control the price of gasoline because it’s a global market. You can call upon increased supply, which he has done and OPEC is unfortunately controlling the agenda with respect to oil prices. OPEC is a cartel, and it controls over 50 percent of the supply of gasoline,” she added.

Granholm also noted that OPEC countries decided last week against increasing their supply, adding that it is “going to increase the chokehold on access to affordable fuel at the pump.” 

She also acknowledged that Americans should expect to pay higher costs for heating their homes in the winter.

“We have the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires.”



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