Biden Energy Sec. Granholm laughs at question about boosting oil production: 'That is hilarious'
President Biden has overhauled America's approach to its oil industry
Oil will hit $100 a barrel 'before you blink your eyes': Refining billionaire
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, who is also in the oil industry, argues China, Russia and OPEC 'wins' and America 'loses.'
Energy Secretary Jennifer Granholm on Friday laughed at a question about boosting America's domestic oil production, calling it "hilarious."
Bloomberg host Tom Keene noted America's rising gas prices and asked the energy secretary, "What is the Granholm plan to increase oil production in America?"
Granholm immediately began laughing. "That is hilarious," she said. Would that I had the magic wand on this."
U.S. Energy Secretary Jennifer Granholm announces a new solar power program during a news conference on July 22, 2021 in Silver Spring, Maryland. (Getty Images)
BIDEN TAKES AIM AT OIL AND GAS INDUSTRY WITH METHANE EMISSIONS PLAN TO FIGHT CLIMATE CHANGE
"As you know, of course, oil is a global market. It is controlled by a cartel. That cartel is called OPEC, and they made a decision yesterday that they were not going to increase beyond what they were already planning."
President Biden has overhauled America's approach to its oil industry.
In June, Biden suspended oil drilling leases in the Arctic National Wildlife Refuge, the latest move in a series of sweeping policy changes to how the U.S. approaches the oil industry.
Since taking office, Biden has signed a series of broad executive orders related to the environment, including pausing new federal oil leases, rejoining the Paris climate agreement, eliminating subsidies for the fossil fuel industry, revoking permits for the Keystone XL Pipeline and converting the government's fleet of vehicles to electric power.
U.S. President Joe Biden speaks at the COP26 Summit, in Glasgow, Scotland, Tuesday, Nov. 2, 2021. (Steve Reigate/Pool Photo via AP) (Steve Reigate/Pool Photo via AP / AP Newsroom)
Republicans have hammered the Biden administration for relying on OPEC to address rising gas prices, instead of boosting domestic oil production.
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In an August letter to Biden, 24 Republican senators called it "astonishing that your Administration is now seeking assistance from an international oil cartel when America has sufficient domestic supply and reserves to increase output which would reduce gasoline prices."
"Your Administration’s domestic oil and gas development policies are hurting American consumers and workers, are contrary to an "America First" energy agenda, and reinforce a reliance on foreign oil," the senators added.
Fox Business' Megan Henney contributed reporting