As gas prices once again continue to climb, U.S. Energy Secretary and former Michigan Governor Jennifer Granholm is placing the blame on oil companies. She says oil corporations are not doing enough to ease the pain at the pump.
“We have said to the oil and gas industry, ‘Can you speed up production right now to relieve pain at the pump,’ and we’ve asked them to increase to make up for those lost barrels,” Granholm said. “Some are doing it. Most are not. And why is that? It’s because Wall Street, their investors, have asked them to exercise fiscal discipline, which means they don’t want them investing in the capital associated with drilling rigs to pull that oil from the ground.”
Granholm’s comments came during a visit to Detroit last week. While there, she announced a $3 billion federal funding package to support the domestic manufacture of electric vehicle batteries.
