Oil industry says Granholm meeting sends 'positive signal'

WASHINGTON (AP) — A meeting with Energy Secretary Jennifer Granholm to lower gas prices and boost domestic oil supplies was constructive, but did not produce a major breakthrough, groups representing the oil industry and refiners said Thursday.

The meeting with Granholm and other top officials came as President Joe Biden called on Congress to suspend federal taxes on gasoline and diesel fuel as a way to relieve high gas prices that have frustrated drivers and spurred inflation.

The Democratic president also called on states to suspend their own gas taxes or provide similar relief, and he delivered a public critique of the energy industry for prioritizing profits over production.

“It doesn’t reduce all the pain but it will be a big help,” Biden said Wednesday, referring to the national average of $5 per gallon for gas. Biden said he was doing his part and now wants Congress, states and industry to do their parts as well.

In a joint statement, the American Petroleum Institute and the American Fuel & Petrochemical Manufacturers said Thursday that challenges facing their industry are complex, from Russia’s war in Ukraine to “market imbalances” leftover from COVID-19 shutdowns that led to reduced demand and production.

The meeting with Granholm “should send a positive signal to the market that the U.S. is committed to long-term investment in a strong U.S. refining industry and aligning policies to reflect that commitment,'' the groups said. “Our industry will continue to seek opportunities to work with policymakers to unlock American energy, fuel economic recovery and strengthen our national security.''

The meeting included executives from Exxon Mobil, Chevron, Marathon and Phillips 66.

The conciliatory tone was in contrast to a letter sent this week by Chevron CEO...