Energy Secretary Granholm hopes gas doesn’t hit $4 a gallon

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Energy Secretary Jennifer Granholm said she hopes gas prices don’t hit $4 a gallon — but she acknowledged that President Biden has no sway with OPEC to increase supply. 

In an interview with CNN’s “State of the Union” on Sunday, host Dana Bash pointed out that the average price for a gallon of gas is $3.42, according to AAA, and predictions for crude oil prices could push it up another 50 percent by next summer. 

“Could the average gas price in America be $4 a gallon in the United States soon?” Bash asked.

“Well, we certainly hope not,” Granholm replied. 

“The president is all over this. Of course, every president is frustrated because they can’t control the price of gasoline, because it’s a global market. You can call upon increased supply, which he has done,” she said.

“And OPEC is, unfortunately, controlling the agenda with respect to oil prices. OPEC is a cartel and it controls over 50 percent of the supply of gasoline,” said Granholm, a former governor of Michigan. 

OPEC, the Organization of the Petroleum Exporting Countries, has defied pressure from the president and other US allies to significantly ramp up oil production to lower prices but the cartel led by Saudi Arabia has committed to modest increases. 

Gas prices.
OPEC has defied pressure from President Joe Biden and other US allies to significantly ramp up oil production to lower prices.
Christopher Sadowski

Saudi Energy Minister Prince Abdulaziz bin Salman said ​OPEC ​member countries ​want to protect “market stability​” against wild fluctuations in prices as has happened recently. 

“Markets need to be regulated, or things may go astray as we have been seeing over the past four months,” he said.

G​ranholm said ​OPEC’s refusal is “going to increase the chokehold on access to affordable fuel at the pump.”

Gas prices.
“Markets need to be regulated, or things may go astray,” Saudi Energy Minister Prince Abdulaziz bin Salman said.
David Zalubowski/AP

She said the president is looking at the tools at his disposal, including tapping the US Strategic Petroleum Reserve, but noted that this could be a cold winter for many American families. 

“It will be more expensive this year than last year. We are in a slightly beneficial position, certainly relative to Europe, because their chokehold of natural gas is very significant. They’re going to pay five times higher,” she said. 

“But we have the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires. And so that’s why the president has been focused on both the immediate term and the long term,” Granholm said. 

With Post wires



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