Trump to meet with US oil refiners as White House pushes to lower gas prices

On Tuesday, President Donald Trump will convene a meeting with U.S. oil refiners and fuel distributors to explore strategies for increasing domestic refining capacity and reducing gasoline prices, according to a White House official. The gathering will encompass Interior Secretary Doug Burgum, Energy Secretary Chris Wright, National Energy Dominance Council Executive Director Jarrod Agen, and representatives from various sizes of refiners and distributors.

White House spokeswoman Taylor Rogers emphasized that Trump is "laser-focused on ensuring his successful energy dominance agenda translates into the most cost savings possible at the pump for consumers."

The meeting comes amid concerns over affordability, particularly gas prices, which are a major issue in the upcoming midterm elections. A Reuters/Ipsos poll from early August indicates that nearly half of Americans consider the cost of living their top voting concern, while 70% disapprove of Trump's handling of it.

The administration is targeting "concrete, near-term steps" to add refining capacity, including the processing of more Venezuelan crude. Globally, refinery capacity shortages have contributed to elevated fuel prices despite a decline in crude prices. Valero estimated earlier this month that conflicts in Iran and Ukraine had disabled approximately 5 million barrels per day of refinery capacity.

In July, Trump announced a pact with Venezuela granting the U.S. majority control of over 65 billion barrels of oil reserves, part of a broader strategy to increase supply and lower gas prices amid the disruption of global crude flows due to the Iran war. Gulf Coast refiners have already benefited from the influx of Venezuelan crude, providing them with more oil to process.

Tuesday's meeting will also address whether the lower costs are being passed on to consumers and explore further actions the administration could undertake to reduce prices at the pump. Trump has previously urged fuel retailers to lower prices, praising Freedom Fuel Network for selling gas at $3.47 per gallon. However, a fuel supplier over the weekend alleged that some discounted gasoline was supplied through a distributor who failed to pay roughly $4 million in fuel invoices, an allegation Freedom Fuel has not been named or accused of wrongdoing in a lawsuit filed earlier this month.