Big Oil meeting with US govt cordial but no miracle gas price fix

24/6/2022 7:04:00 AM

Big Oil meeting with US govt cordial but no miracle gas price fix

Joe Biden, Us Oil

Big Oil meeting with US govt cordial but no miracle gas price fix

WASHINGTON, June 24 — Biden administration officials and oil industry executives huddled in Washington on Thursday to discuss potential steps to address runaway gasoline prices,...

High prices at the pump are weighing on American consumers — and damaging President Joe Biden’s approval rating.Similarly, the American Petroleum Institute and American Fuel & Petrochemical Manufacturers called the meeting a “constructive discussion about ways to address rising energy costs and create more certainty for global energy markets.”

White House press secretary Karine Jean-Pierre called the gathering a “first step.”Biden and the oil industry have an uneasy relationship, in part over the White House’s efforts to restrict drilling in some federal areas due to environmental concerns, and decisions like canceling the Keystone pipeline project on his first day in office.

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Big Oil meeting with US govt cordial but no miracle gas price fixWASHINGTON, June 24 — Biden administration officials and oil industry executives huddled in Washington on Thursday to discuss potential steps to address runaway gasoline prices,...

Heir to McDonald's Russia craves success but Big Mac a 'big loss'MOSCOW (June 21): Big Macs and McFlurrys may be off the menu at McDonald's successor restaurants in Russia, but the new firm has ambitious growth targets after it sold almost 120,000 burgers, a record, on its opening day, its chief executive told Reuters.McDonald's Corp has fully exited Russia, selling all the restaurants it owned to a local licensee in May. Under new name Vkusno & tochka, or 'Tasty and that's it,' 50 restaurants in and around Moscow reopened on June 12

Malaysia state firm Johor Corp weighs IPO for US$1 bil palm oil arm(June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.The investment arm of the Johor State government is asking bankers for pitches for the potential listing of Kulim Malaysia Bhd, and is targeting a valuation of around US$1 billion for the unit, the people said. An IPO in Kuala Lumpur could happen as early

US futures fall with oil as recession fear spreads: Markets Wrap(June 22): US futures dropped with stocks and commodities amid ever-louder warnings that Federal Reserve rate hikes may lead to an economic downturn.Nasdaq 100 contracts were down more than 1.5%, underperforming S&P 500 peers and indicating more declines for heavyweight technology stocks, which have been hammered by rising rates. Haven assets including the dollar, Treasuries and the yen advanced.The S&P 500 is now poised for its worst first half since Richard Nixon’s presidency. With just seven trading days left

Gasoline price talks between oil refiners, Biden officials end in impasse(June 23): Major US oil refiners and US Energy Secretary Jennifer Granholm emerged from an emergency meeting on Thursday on how to lower pump prices with no concrete solutions but a promise to continue talking, according to a source familiar with the discussions.The two sides entered the meeting with a promise to work together in good faith, but they are still far apart on solutions. The discussion comes at a tense moment for President Joe Biden and Big Oil.

Palm oil firm Kulim receives first post-pandemic migrant workersKUALA LUMPUR: Kulim (M) Bhd has received its first 'post-pandemic batch' of migrant workers, the palm oil planter said on Thursday, paving the way for more workers to enter Malaysia and help ease a severe labour crunch after bureaucratic hiccups.KUALA LUMPUR: Kulim (Malaysia) Berhad has received its first 'post-pandemic batch' of migrant workers, the palm oil planter said on Thursday, paving the way for more workers to enter Malaysia and help ease a severe labour crunch after bureaucratic hiccups.

for the latest news you need to know.for the latest news you need to know.A MOSCOW (June 21): Big Macs and McFlurrys may be off the menu at McDonald's successor restaurants in Russia, but the new firm has ambitious growth targets after it sold almost 120,000 burgers, a record, on its opening day, its chief executive told Reuters .A (June 22): Malaysia’s state-owned investment firm Johor Corp could seek to raise about 1 billion ringgit ($227 million) in an initial public offering of its plantation unit, according to people with knowledge of the matter.

Friday, 24 Jun 2022 5:26 AM MYT WASHINGTON, June 24 — Biden administration officials and oil industry executives huddled in Washington on Thursday to discuss potential steps to address runaway gasoline prices, and while both sides called the talks constructive, no concrete plans for relief emerged. High prices at the pump are weighing on American consumers — and damaging President Joe Biden’s approval rating. High prices at the pump are weighing on American consumers — and damaging President Joe Biden’s approval rating. Heading into the gathering, Energy Secretary Jennifer Granholm said she hoped the meeting would result in refiners boosting gasoline supplies to lower prices for the summer vacation driving season. Chief Executive Oleg Paroev is keen to add locations, but acknowledged the challenge of replacing some ingredients and suppliers, as well as dealing with other franchisees still using McDonald's branding. Afterwards, the Energy Department said the talks had had a “productive focus on dissecting the current global problems of supply and refining,” and promised “ongoing dialogue” to “alleviate the current supply and price challenges. Afterwards, the Energy Department said the talks had had a “productive focus on dissecting the current global problems of supply and refining,” and promised “ongoing dialogue” to “alleviate the current supply and price challenges.” Similarly, the American Petroleum Institute and American Fuel & Petrochemical Manufacturers called the meeting a “constructive discussion about ways to address rising energy costs and create more certainty for global energy markets. Johor Corp is continuously reviewing its investments, and is committed to improving the value proposition of Kulim, said Hasnina Hafiz, head of group corporate communications, in response to a query from Bloomberg News.

” Chevron, Phillips 66 and Shell all released upbeat statements, with Shell US President Gretchen Watkins praising Granholm for setting a “collaborative tone” by noting that Shell and others had shifted some refining capacity to produce biofuels.” Chevron, Phillips 66 and Shell all released upbeat statements, with Shell US President Gretchen Watkins praising Granholm for setting a “collaborative tone” by noting that Shell and others had shifted some refining capacity to produce biofuels.S. But no practical steps to immediately boost supply were revealed. White House press secretary Karine Jean-Pierre called the gathering a “first step. White House press secretary Karine Jean-Pierre called the gathering a “first step.” “Clearly we want to come up with solutions,” Jean-Pierre told a press briefing."We have never seen such daily turnover in the whole time McDonald's has worked in Russia. “There’s going to be other steps to get there. “There’s going to be other steps to get there. The state-owned firm took Kulim private in 2016.

” Uneasy ties Biden and the oil industry have an uneasy relationship, in part over the White House’s efforts to restrict drilling in some federal areas due to environmental concerns, and decisions like canceling the Keystone pipeline project on his first day in office. The US president has also blasted industry leaders in recent days over skyrocketing profits and their reluctance to boost capital spending. The US president has also blasted industry leaders in recent days over skyrocketing profits and their reluctance to boost capital spending. Hiring is continuing, Paroev said, who also wants to expand cooperation with strategic partner Sberbank, though ruled out a shareholder role for Russia's top lender. Industry leaders released a letter to Biden ahead of Thursday’s meeting that alluded to his upcoming trip to Saudi Arabia, urging him to visit US refineries and other industry sites to understand the potential for “American-made energy solutions.” But with Biden’s approval ratings plunging due to soaring inflation, the president has turned to the industry for relief.” But with Biden’s approval ratings plunging due to soaring inflation, the president has turned to the industry for relief. Short-term solutions? Gasoline prices currently stand at US$4. corporation had made it clear they would not exercise a 15-year buyback option.

94 a gallon, a bit below all-time highs, but up more than 60 per cent from the year-ago level.94 a gallon, a bit below all-time highs, but up more than 60 per cent from the year-ago level. In a letter earlier this month to oil giants, Biden said high fuel prices were a key factor in the “intense financial pain the American people and their families are bearing.” He urged ExxonMobil, Chevron and other industry players to “provide concrete, near-term solutions that address the crisis.” He urged ExxonMobil, Chevron and other industry players to “provide concrete, near-term solutions that address the crisis." FRANCHISE CONUNDRUM Some former McDonald's franchisees have kept its branding on packaging and electronic menus and are selling Big Macs under a different name, creating a headache for Vkusno & tochka.” In response, Chevron Chief Executive Mike Wirth pledged to work with the administration, but faulted Biden’s comments that “at times vilify” the industry — drawing a Biden quip that Wirth was being “mildly sensitive.” The price surge follows Russia’s invasion of Ukraine, which exacerbated an already tight energy supply situation, sending crude oil prices sharply higher.” The price surge follows Russia’s invasion of Ukraine, which exacerbated an already tight energy supply situation, sending crude oil prices sharply higher.

The rise in prices also reflects the diminished state of refining capacity after the industry mothballed some plants during Covid-19 lockdowns, and did not reopen them amid uncertain long-term growth prospects with the buildup of electric vehicles. Rosinter Restaurants, an ex-franchisee still operating in train stations and St Petersburg's Pulkovo airport, did not respond to a request for comment. Biden’s policy thus far has centered on a huge increase in crude oil from the Strategic Petroleum Reserve. Biden’s policy thus far has centered on a huge increase in crude oil from the Strategic Petroleum Reserve. On Wednesday, the US president proposed a temporary fuel tax break, a measure that received a lukewarm reception on Capitol Hill. For energy specialist Andrew Lebow of the Commodity Research Group consultancy, “there is very little refiners can do at this point. For energy specialist Andrew Lebow of the Commodity Research Group consultancy, “there is very little refiners can do at this point. People visit the new restaurant"Vkusno & tochka", which opens following McDonald's Corp company's exit from the Russian "It's a mystery to me what products are sold there," he said of restaurants in train stations and airports, speaking on Friday.” “If they could produce more, certainly they would be given that the margins are incredible,” he said.

On Wednesday, Granholm acknowledged that building new refineries could not be done overnight, but said the administration wanted answers about plants that had been taken offline. On Wednesday, Granholm acknowledged that building new refineries could not be done overnight, but said the administration wanted answers about plants that had been taken offline. She also wanted to talk about supply chain issues, questioning if the industry could help on that front. Even though 99% of products come from Russian suppliers, Paroev said"a significant percentage" of ingredients is sourced abroad, a process complicated by sanctions and supply chain disruptions. Kevin Book, head of research at Clearview Energy Partners, said there were areas where the government could provide aid, such as facilitating procurement of truck drivers and sand for fracking. Kevin Book, head of research at Clearview Energy Partners, said there were areas where the government could provide aid, such as facilitating procurement of truck drivers and sand for fracking. Adopting a broadly constructive tone on regulation could also boost investment, he said. — AFP Advertisement . — AFP Advertisement. As agreed with McDonald's, recipes will change and a Big Mac replacement is in the works, Paroev said.