"US Energy Chief Urges Increase in Supplies Amid Ongoing Volatility in Oil Markets"

Volatility in Oil Markets and Calls for Additional Supplies, Says US Energy Secretary

Volatility and Concerns in Oil Markets

US Energy Secretary Jennifer Granholm has expressed concerns about the volatility in oil markets and called for additional supplies to stabilize prices. Granholm highlighted that there is a lot of emotion in these markets and the White House is monitoring the situation closely. Despite expecting an increase in oil demand to 12.5 million barrels per day this year, Granholm emphasized the need for additional output to curtail prices. High crude oil prices continue to be a challenge for the Biden administration, and lowering costs remains a priority.

Efforts to Lower Prices and Address Inflation

The US has historically championed lower prices at the pump to ease the strain on consumer households and curb inflation. Granholm emphasized that the president is focused on the impacts on real people who cannot afford the premium prices. The US has repeatedly urged OPEC+ producers to support this effort by increasing their output. However, the US is now facing lower inflation, with the consumer price index showing a 3% year-on-year increase in June.

Transitioning to Renewable Energy

Granholm also highlighted the importance of transitioning to renewable energy during this year's energy summit. Recognizing China and the United States as the biggest emitters in the world, Granholm emphasized the need for cooperation between the two countries to deploy clean energy. The US aims to "find an oasis" by working together with China to address the impacts of extreme weather events and combat climate change. Granholm stressed the urgency of deploying clean energy everywhere to mitigate the effects of global warming.

Conclusion: The Impact on New Business

The volatility in oil markets and the calls for additional supplies by the US Energy Secretary, Jennifer Granholm, have significant implications for new businesses. As the Biden administration prioritizes lowering oil prices, new businesses may benefit from potentially reduced operational costs, especially if their operations depend heavily on oil and gas. The efforts to stabilize prices and address inflation can create a more favorable business environment by easing the strain on consumer households. With lower pump prices, consumers may have more disposable income, which could lead to increased spending on goods and services offered by new businesses. Moreover, Granholm's emphasis on transitioning to renewable energy presents both challenges and opportunities for new businesses. As the world moves towards clean energy, there will be an increased demand for innovative renewable energy solutions and technologies. This presents an opportunity for new businesses operating in the renewable energy sector to thrive and contribute positively to the global effort to combat climate change. However, new businesses that heavily rely on the oil and gas industry may face challenges due to the push for clean energy. They may need to adapt their operations and consider diversifying their portfolio to align with the growing demand for renewable energy solutions. Overall, the ongoing developments in the oil markets and the transition to renewable energy present a mixed bag of opportunities and challenges for new businesses. Adapting to the changing landscape and capitalizing on emerging trends can be pivotal in determining their success in an evolving energy market. Article First Published at: https://www.cnbc.com/2023/07/22/-we-want-oil-prices-to-come-down-says-us-energy-secretary-general-.html