Energy Secretary Jennifer Granholm burst out laughing when asked Friday on Bloomberg TV what her plan is to increase oil production in the United States to ease rising gas prices.
Host Tom Keene said, “In Sturgis, Michigan, it is $2.89 a gallon. I guess that’s better than in California. What is the Granholm plan to increase oil production in America?”
Granholm laughed and said, “That is hilarious. Would that I had the magic wand on this. As you know, of course, oil is a global market. It is controlled by a cartel. That cartel is called OPEC. And they made a decision yesterday that they were not going to increase beyond what they were already planning.”
She continued, “So, you know, the interesting thing is, you know, the Department of Energy has an energy information agency. And that agency does the forecasting of what oil and gas prices are going to be. As of right now, the forecast for the beginning of December is that, on average, gas prices, gasoline prices will be about $3.05 at the beginning of December. They will do an adjustment forecast in the next week, or so, so we’ll see if that holds. But clearly, the Biden administration is very concerned about the price at the pump and certainly the price in people’s wallets for natural gas as well for this winter including, I would say, propane and heating oil, particularly, in the Northeast.”
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