US energy secretary says oil markets are volatile, calls for increased supply
Last updated on: 23 July,2023 01:10 pm
Stresses the need for moving away from fossil fuel
WASHINGTON (Web Desk) – US Energy Secretary Jennifer Granholm on Saturday warned that volatility was still weighing on oil markets, as she reiterated the calls for additional supplies, as the OPEC+ nations decided to cut production to boost the prices.
In an interview to a top American TV channel, Granholm said, “There’s no doubt that there is a volatile environment” and that the White House was monitoring the situation.
“There is a lot of emotion in these markets and so we have deep concern about trajectories of where things are headed,” the energy secretary added.
Granholm called for additional output to help curtail prices. “We want to see more supply. It gets dangerous when the prices are so high,” she said. “I think the prudent course is to ensure that transportation is affordable for people, and that of course means making sure that supply is stable.”
Read more: Russia, Gulf top diplomats say OPEC+ efforts stabilize global oil market
“We want prices to come down. The president is really focused on the impacts on real people who need to get to work and cannot afford that premium,” Granholm highlighted, as high crude oil prices continue to be a challenge for the Biden administration, and lowering costs remains a priority.
Granholm also discussed the importance of transitioning to renewable energy. “China and the United States are the biggest emitters in the world. Their citizens are feeling the impacts of these extreme weather events.”
She noted that the US was keen to “find an oasis” by cooperating with China on deploying clean energy. “We have to do everything, everywhere, all at once. Deploy, deploy, deploy clean energy. Because if we don’t, our planet is on fire, and we must address it.”
Her comments came as the G20 meeting in India failed on Saturday to reach consensus on phasing down fossil fuels following objections by some producer nations.
Read more: G20 fails to reach agreement on cutting fossil fuels
The G20 member countries together account for over three-quarters of global emissions and gross domestic product, and a cumulative effort by the group to decarbonise is crucial in the global fight against climate change.
However, disagreements including the intended tripling of renewable energy capacities by 2030 resulted in officials issuing an outcome statement and a chair summary instead of a joint communique at the end of their four-day meeting in Bambolim, in the Indian coastal state of Goa.
This failure was imminent as major fossil fuel producers, including Saudi Arabia and Russia, a day earlier opposed a proposal to triple G20 countries' renewable energy capacity by 2030.
Read more: Russia, Saudi Arabia oppose G20 proposal to triple green energy capacity
China, the world's biggest emitter of carbon dioxide, as well as coal exporters South Africa and Indonesia, also opposed the plan. India, as current holder of the G20 presidency, took a neutral stand on the issue, said sources - two of whom attended the G20 meeting.