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Biden looking to address oil refinery capacity, White House adviser says

Biden looking to address oil refinery capacity, White House adviser says
© Reuters. FILE PHOTO: U.S. President Joe Biden speaks during the opening plenary session at the Ninth Summit of the Americas in Los Angeles, California, U.S., June 9, 2022. REUTERS/Daniel Becerril

WASHINGTON (Reuters) -U.S. President Joe Biden is looking at ways to bring in more oil supplies amid rising energy costs, including working to address oil refinery capacity, White House economic adviser Cecelia Rouse said on Friday.

“He is looking for what he can do administratively, whether that’s working with oil companies and refineries asking them, ‘We recognize your back capacity challenges – what can we do to help you maintain your refining capacity and bring more oil online?'” Rouse, chair of the White House Council on Economic Advisers, said in an interview with CNN.

The White House is considering proposals that would tax oil and gas windfall profits, a U.S. official said last week. Rouse, asked about that tax and possibly lifting some China tariffs, confirmed that all options remained on the table.

“We want to do so in a way that is strategic and benefits the U.S. workers, U.S. businesses, U.S. economy writ large, but that is certainly on the table,” she said.

Some of the ideas require working with Congress, she said.

Biden has come under intense pressure to ease price pressures, especially for gasoline, before November’s midterm elections with his Democratic Party’s control of Congress on the line.

Source: Investing.com

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