U.S. energy secretary: companies making huge profits, should increase oil supply
U.S. Energy Secretary Jennifer Granholm on Tuesday urged U.S. energy companies to increase oil supply amid “enormous profits” as President Joe Biden seeks to bring down the price of gasoline for American families.
Granholm said the oil and gas industry had leases on 23 million acres of public lands on and offshore and thousands of permits that were not being used.
“At the same time the energy industry is making enormous profits. They’re back up … above where they were before the pandemic started. So they have taken advantage of that moment,” Granholm told reporters.
Source: Reuters (Reporting by Alexandra Alper and Jeff Mason Editing by Sonya Hepinstall)