A meeting between Energy Secretary Jennifer Granholm and oil industry executives on Thursday did not produce a breakthrough to help lower gasoline prices, according to industry groups.
President Biden hoped oil companies would slash their profits and boost supply to bring down soaring fuel costs.
But there were hopes among the executives that the “constructive discussion” will send a positive signal to markets about the long-term viability of U.S. energy production.
“While these challenges and their causes are complex — from Russia’s war in Ukraine to market imbalances leftover from COVID — productive outcomes today should send a positive signal to the market that the U.