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Biden Is Calling On Oil Producers To Produce More, Says Energy Secretary - YouTube
Channel: MSNBC
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all right uh as americans struggle with
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record high gas prices president joe
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biden is calling on oil companies to
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boost production and help lower the cost
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of the pump in a scathing letter this
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morning to the ceos of top u.s oil
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refineries biden said they are taking
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advantage of the crisis as their profits
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have tripled biden said his
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administration is prepared to take any
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quote reasonable and appropriate steps
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that would help companies increase their
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output in the near term joining us now
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u.s secretary of energy jennifer
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granholm good to have you on the show
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this morning so tell us more about what
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exactly he's asking the oil companies to
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do and i just wonder if the president
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needs to sort of
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level with the american people about the
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situation the energy situation
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globally and how it's impacting gas
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prices here at home because isn't it the
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case that some of this he cannot control
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oh totally mika i mean there's so much
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that is beyond any leader in the globe's
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control
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uh unless they own state-owned
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enterprises that are producing gasoline
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so oil is traded at today about a
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hundred and twenty dollars a barrel and
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that price is being paid by people uh in
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japan it's being paid by people in uh in
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europe i mean in fact gas prices today
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over five dollars a gallon in the united
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states if you were in canada you would
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be paying over six dollars and 20 cents
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something like that if you were in
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germany you'd be paying eight dollars a
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gallon if you were in singapore you'd be
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paying nine dollars a gallon it's
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happening all across the world but the
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united states is the largest producer of
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oil and gas and the president feels like
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we've got an additional responsibility
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we as a country but really our oil and
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gas producers have a responsibility
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we're on a war footing the the price of
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oil the price of gas is precipitating
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the high cost the high percentage of
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inflation around the world and so he's
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asking upon our domestic and
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international producers to produce more
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russia's invasion of ukraine has caused
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the price of gas in the united states to
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go up one dollars and 1.70 cents a
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gallon since the invasion occurred so
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oil and gas companies who are part of a
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global community need to understand that
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we need to make up for the amount of
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russian barrels of oil that have come
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off the market since that invasion
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because countries like the united states
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rightfully have said we are not going to
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purchase russian oil so the bottom line
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is he's calling for an increase in
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production both of producing and
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extracting oil but also refining it to
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make
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make sure that we can have gasoline at
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the pump so uh secretary grant home uh
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so much of this though is market driven
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i mean there's a reason
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why oil companies aren't producing as
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much as we'd like them to produce right
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now and that's because the demand was
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driven down so much by covet and it
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takes a while to crank it back up i mean
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and so i guess i go back to what meek is
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saying shouldn't the president just
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level with the american people and say
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here's the problem there was less of a
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demand during uh two years of covet it
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takes a while to ramp demand up and we
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also have another problem in this
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country we don't have enough oil
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refineries because the regulations
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around oil refineries in the united
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states have choked off the ability to do
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exactly what we need to do right now
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well let me just say joe it's not that
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the regulations are on oil refineries 80
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percent of the oil refining came off the
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market before joe biden took office it's
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global issue as well it's not just a
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regulatory issue a lot some of those
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refineries flipped over to do biofuels
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and the president is saying you know in
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in in march just as an example joe in
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march
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the price of oil per barrel on the
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global market was about 120 and in march
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people in the united states were paying
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about four dollars and 25 cents a gallon
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today the price of oil on the global
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market's about 120 same price but we're
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paying 75 cents or more more at the pump
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why is that and so the president is just
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asking these refiners which are of
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course owned by these global these oil
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and gas companies to increase supply and
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if you can't tell us how we can help to
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make sure that we increase supply in the
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way we can plus mika
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just quickly i mean in terms of what the
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president does have his at his disposal
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he does have the biggest tool ever which
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is the strategic petroleum reserve and
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he's releasing a million barrels a day
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to try to make up for some of that lost
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supply but you are right it is a private
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markets a global market it's a
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capitalistic market we're not against
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profit it's just that when you have
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225 percent increase in profit you're
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over here and q in quarter one i mean it
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just tells you something else is going
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on so when you ask the oil companies
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tell us how we can help i mean isn't
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isn't the issue
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not just increased production right now
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but permanent solutions so that we're
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not dependent and and the world isn't
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dependent and being held hostage right
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now by the russian invasion of ukraine
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uh you know my brother was telling me
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he's headed to latvia in june for the 3c
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summit he's heading up that summit and
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it's working on the energy dimension of
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getting them completely energy in their
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ten in independent
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in these central european countries
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interconnected and isn't that more
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relevant than ever because right now if
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you levy a sanction on russia it's going
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to hurt the country too that's levying
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the sanction and it's going to be an
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ongoing process with russia until we cut
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ties
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yeah you obviously understand this very
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well mika i mean clearly when when the
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eu is deciding to cut off russian supply
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of oil and gas that too causes a crimp
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in supply and it causes prices to go up
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so to your point yes ultimately the the
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solution to make us energy secure to
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make the baltic states energy secure to
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make the entire entire world energy
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secured is to move to clean energy you
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no country has ever been held hostage to
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access to the sun or to access to the
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wind ultimately those are the price
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volatility continues to at least on
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clean energy there's no volatility it
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continues to drop we're not under the
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thumb of petro dictators and ultimately
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that is the solution but in the
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immediate we know that people are
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hurting and we've got to increase supply
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wherever we can globally including in
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the united states to make sure that we
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try to moderate the the barrels that
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have been pulled up by the war in
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ukraine
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do
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[Music]
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