‘When I saw the OPEC headline, I fully expected a call from the administration,’ but it never came, a US refining executive says.
Biden lifted smog-reducing rules on summer gasoline to help with prices, significantly drew down the nation’s strategic oil reserves to prop up global supplies, and urged the oil industry to produce more products. CurrentBiden has fewer tools to combat high prices this summer, particularly after, bringing inventory to lows not seen since 1984. Discussions with refiners about expanding capacity or limiting fuel exports have dried up since last summer, oil executives told Reuters.
“When I saw the OPEC headline, I fully expected a call from the administration,” but it never came, a US refining executive said. If prices go up, the industry is “fully expecting to once again to become the boogeyman,” the executive said.US gasoline inventories , a potential predictor of future market conditions, enter the spring at lower levels than last year, due in part to refinery maintenance that was delayed last year as refiners chased high margins. The Biden administration floated an idea last year to impose minimum fuel storage requirements in an attempt to limit exports.
Total US gasoline inventories sit at 222.57 million barrels, about 7% lower than the same time last year, according to the latest federal data. In the dense US Northeast, gasoline inventories are down 7.6% from last year, federal data shows. Lindsay Owens, executive director of Groundwork Collaborative, a liberal nonprofit group that focuses on economic issues, said oil companies had the means, motive, and opportunity to raise prices following the OPEC+ output cut, just as they did last summer following Russia’s invasion of Ukraine.
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