Trump puts pressure on squeezed US oil refiners to ease pump prices

President Donald Trump convened a closed-door meeting with US oil refiners in the White House Cabinet Room on Tuesday, urging them to increase domestic production of petrol and diesel amid high prices and growing cost-of-living concerns ahead of November's midterm elections. The White House official confirmed that the executives were supportive of lowering pump prices and discussed potential solutions such as regulatory changes, faster permitting, and additional investments.

The meeting highlighted the political challenge for a president who campaigned on controlling energy costs, only to witness them spike due to the US war on Iran. US fuel prices reached record-high seasonal levels, with gasoline averaging over $4 per gallon and diesel nearing $6 per gallon nationwide, according to the American Automobile Association.

During the hour-long discussion, some refiners criticized federal biofuel-blending requirements, arguing that quotas forcing the blending of alternative fuels into petrol were driving up prices. The Renewable Fuel Standard, which mandates blending corn-based ethanol, soy-based biodiesel, and other alternative fuels, was the main subject of contention.

Industry representatives accused the administration of setting unrealistic blending quotas, while the administration defended its decision, stating they were bound by the law. The meeting also addressed the administration's efforts to secure more Venezuelan crude production, with refiners exploring whether they could accommodate larger imports.

The session concluded with praise for a Jones Act waiver that facilitated foreign ship transport of oil and other commodities to US Gulf coast refineries, easing fuel supply concerns during the war.