Oil, food industry executives invited to White House -sources

U.S. President Joe Biden retains very first Cupboard conference at the White Residence in Washington, U.S., April 1, 2021. REUTERS/Tom Brenner

WASHINGTON, March 21 (Reuters) – The White Property invited executives from an array of U.S. industries and corporations, including electricity, meals, and banks, to a briefing Monday on the Russia-Ukraine conflict, a White House official mentioned.

The White House officers and Cabinet customers will go over provide chain issues bordering Russia’s Feb. 24 invasion of Ukraine and methods to lessen the financial shocks, a resource familiar with the prepare explained to Reuters.

The off-the-file briefing will be led by Countrywide Economic Council Director Brian Deese, nationwide stability adviser Jake Sullivan, Treasury Secretary Janet Yellen and Commerce Secretary Gina Raimondo, the White Property official stated.

The meeting will incorporate associates from Pattern Electrical power, Invenergy, ExxonMobil Corp (XOM.N), ConocoPhillips(COP.N), Visa Inc (JPM.N), Financial institution of America Corp (BAC.N), Land O’Lakes Inc(LNDLK.UL), Cargill Inc (CARG.UL), Dow Inc (DOW.N) and U.S. Metal, the formal stated on affliction of anonymity.

President Joe Biden and his fellow Democrats have been pushing the main executives of big oil providers to maximize production amid rising rates at the gasoline pumps.

Biden has blamed the most recent spike on Russia’s invasion of Ukraine. The United States has imposed various rafts of sanctions on Russia over its assault, together with an immediate ban on Russian oil and other electricity imports.

U.S. customer price ranges, like for hire and meals, have also surged, and inflation is poised to accelerate even further as Russia’s war versus Ukraine drives up the expenditures of crude oil and other commodities.

The conflict has additional to the trade chaos that followed the world economy’s emergence from COVID-19 pandemic lockdowns. Asia-Europe routes have been worst hit by issues, including acute port congestion and cargo disruption, owing to the closure of Russian airspace, a JPMorgan evaluation confirmed. browse extra

Reporting by Jarrett Renshaw Composing by Doina Chiacu Modifying by Alex Richardson, Kirsten Donovan and Jonathan Oatis

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