Salem Radio Network News Thursday, December 8, 2022

Business

U.S. says oil companies ‘must do more’ to build domestic fuel levels

By Arathy Somasekhar

HOUSTON (Reuters) – U.S. fuel supplies are “unacceptably” at or near 5-year lows amid hurricane threats and the oil industry must do more to address prices and demand, a Department of Energy spokesperson said on Friday.

The spokesperson was commenting on a report that the chief executive of Exxon Mobil Corp, the largest U.S. oil producer, had warned the Biden Administration against limiting U.S. fuel exports.

Exxon did not immediately reply to a request for comment.

“The nation is facing serious risks from hurricanes and in some parts of the country, oil and gas supply levels are unacceptably at or near 5-year lows,” the Department of Energy spokesperson said in an emailed statement.

“The administration has impressed upon the oil and gas industry that it must do more to ensure fair prices and adequate supply for all Americans, while meeting the needs of our allies,” the spokesperson added.

U.S. Energy Secretary Jennifer Granholm last week said the Biden administration at that time was not considering restrictions on U.S. oil product exports.

(Reporting by Arathy Somasekhar; additional reporting by Sabrina Valle; Editing by Bill Berkrot)

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