After the Biden administration used our national strategic petroleum reserve to sell to foreign powers like China, the administration is now threatening American oil companies for selling their oil overseas while America’s stocks are depleted. A meeting between team Biden and the Oil CEOs yielded no clear plans.
NEWSWATCH BLURB:
Biden Officials Float Fuel Export Limit in Meeting With Refiners – ca.finance.yahoo.com
Excerpt:
Senior Biden administration officials pressed executives from some of the largest US gasoline producers to curtail overseas sales during a tense meeting Friday afternoon, suggesting that without voluntary action, the government could force the industry to stockpile more fuel in US tanks.
Energy Secretary Jennifer Granholm and other administration officials chastised the industry representatives for low diesel stockpiles, floating the possibility of export limits and a requirement for oil companies to hold minimum fuel inventories inside the US, according to people familiar with the matter who asked not be named describing the private virtual meeting.
It was the latest in a series of meetings between the Biden administration and oil companies this year, as the White House seeks to tamp down energy costs that are contributing to high inflation. An earlier session in June was marked by a more robust back-and-forth conversation about the market and…