Speaking at a briefing on Tuesday, President Joe Biden commented on the letter from Chevron chairman and chief executive Michael Wirth where he called out the White House for “largely seeking to criticize, at time vilify” the oil industry.
“He’s mildly sensitive. I didn’t know they’d get their feelings hurt that quickly,” the president said. The White House has, in the past few weeks, been calling out oil refiners and producers for their soaring profits and “taking advantage of the war” while people are suffering pain at the pump.
Wirth on Tuesday sent a letter to Biden, parts of which strongly-worded, as a response to the latter’s call to increase production to help lower prices.
The Chevron CEO in the end agreed that there needs to be an increase in production, but underlined that the energy sector needs the administration’s cooperation and support toward “greater energy security, economic prosperity, and environmental protection,” after earlier saying that the White House’s actions, particularly its criticism of the energy industry, do not benefit anyone in terms of meeting the challenges at hand, and also not what the American people deserve.
As part of this cooperation, he outlined the need for an “honest dialogue on how to best balance energy, economic, and environmental objectives – one that recognizes our industry is a vital sector of the U.S. economy and is essential to our national security.”
US energy secretary Jennifer Granholm is set to meet with the heads of major energy firms on Thursday to begin discussions as gas prices continue to rise.
Biden sounded optimistic about the discussion. “We ought to be able to work something out whereby they’re able to increase refining capacity and still not give up on transitioning to renewable energy.”
Information for this briefing was found via Chevron, Market Watch and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.