US Secretary of Energy: I wish I had a magic wand

Reuters quoted Jennifer Granholm as saying on Friday (November 14th) that the Biden administration had limited power to force its oil producers to increase production in order to lower prices.

“I wish I had a magic wand,” he said in an interview with Bloomberg Television in response to a question about his plan to increase US oil production.

The US Energy Information Administration predicted this month that US oil production would fall by 260,000 barrels per day in 2021 to about 11 million barrels per day.

Approves the highest level of the US minimum wage

“Oil is a global market that is influenced by OPEC,”

Granhelm said. The administration of Joe Biden has pressured OPEC and its allies (OPEC Plus) to increase production so as not to jeopardize the global economic recovery. But OPEC Plus at its meeting on Thursday (November 13th) approved a plan to gradually increase the coalition’s production.

“I do not know what will happen if oil prices above $ 80 a barrel do not encourage oil companies to increase production,” he said. He dismissed the idea that the Biden government’s restrictions on drilling on federal land had slowed the growth of oil and gas companies’ production, saying they did not operate on more than 7,000 authorized public and private lands.

“Biden does not want fuel prices to hurt ordinary people,” he said, noting that some poor people spend about 30 percent of their monthly income on fuel.