.POTUS Biden oil reserve refill plan won't work, industry group told administration
offering fixed-price contracts to producers, which was designed with the intention of luring producers to increase output by locking in a stable price.
"We talked to them about it before they announced it. We told them that it wasn't going to work," Mike Sommers, president and CEO of the American Petroleum Institute, told theSommers said the fixed-price contract approach, and the administration's attempt to encourage more production by contracting for barrels, tries to emulate something the market does better.
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