Biden Feud With Big Oil Ratchets Up Just as World Needs More US Oil
1 / 3
Biden Feud With Big Oil Ratchets Up Just as World Needs More US Oil
Joe Biden
Vladimir Putin
Jennifer Granholm
Kevin Crowley, Jennifer A. Dlouhy and Ari Natter
Sat, November 5, 2022 at 7:39 AM·8 min read
In this article:
(Bloomberg) — As October drew to a close, the White House saw another potential energy flash point on the horizon.
Most Read from Bloomberg
- Lawyer Suing Twitter Over Layoffs Says Musk Trying to Comply
- China to ‘Unswervingly’ Keep to Covid Zero Policy, Dashing Hopes
- Putin’s Ukraine War Is Entering a Terrifying New Phase
- Wells Fargo Faces US Demand for Record Fine Exceeding $1 Billion
- Carvana’s 96% Collapse Erases Billions From Father-Son Duo’s Wealth
Diesel and heating oil inventories in the US Northeast were getting worryingly low. Officials swung into action, organizing a series of calls between Energy Secretary Jennifer Granholm and several of the country’s biggest oil refiners to discuss strategies to boost stockpiles. The tone was cordial, according to people with knowledge of the conversations.
– ADVERTISEMENT –
But the very next working day, the oil industry was blindsided. At a hastily arranged press conference on Oct. 31, President Joe Biden castigated Big Oil for handing “outrageous” profits to shareholders and executives rather than bringing down prices at the pump. Unless that changed, he warned, oil companies faced more taxes. “Their profits are a windfall of war — the windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe,” he said.
It was just the kind of whiplash that has repeatedly sown mistrust and stoked tensions with the fossil fuel industry over the course of the Biden administration, according to multiple interviews with executives and lobbyists involved in oil and gas, who declined to be identified because the meetings and conversations they described were private.
Biden’s team has been
