Trump to meet with U.S. refiners as White House pushes to lower gas prices

• Nearly half of Americans cite cost of living as their top concern, with 70% disapproving of Trump's handling of the issue according to early August polling
• The meeting will include Interior Secretary, Energy Secretary, and representatives from small, medium and large refiners to discuss concrete, near-term steps to add refining capacity
• Trump recently announced a deal giving the U.S. majority control of Venezuelan oil reserves to boost supply amid global crude flow disruptions from the Iran war

SUMMARY

President Trump will meet Tuesday with U.S. refiners and fuel distributors to discuss expanding refining capacity and lowering gasoline prices, according to a White House official. The meeting will include Interior Secretary, Energy Secretary, National Energy Dominance Council Executive Director, and representatives from small, medium, and large refiners and distributors.

Key Objectives:

The administration is seeking "concrete, near-term steps" to add refining capacity, particularly as increased Venezuelan crude reaches U.S. refineries. The White House emphasized Trump's focus on translating his "energy dominance agenda" into consumer cost savings at the pump.

Political Context:

The initiative comes as affordability concerns, particularly gas prices, loom over the midterm elections. Polling from early August shows nearly half of Americans cite cost of living as their top concern, while 70% disapprove of Trump's handling of the issue.

Recent Actions:

Trump announced Friday a deal giving the U.S. majority control of oil reserves as part of efforts to boost supply and lower prices amid Iran war disruptions to global crude flows.

Meeting Focus:

Discussions will center on increasing refining capacity, expanding energy production across the supply chain, ensuring lower costs pass through to consumers, and identifying additional administrative actions to reduce pump prices.

Market Implications:

The meeting signals heightened White House pressure on the energy sector to address consumer pricing concerns ahead of critical midterm elections. The focus on refining capacity—rather than just crude production—acknowledges bottlenecks in the fuel supply chain. Increased Venezuelan crude flows could provide additional feedstock for U.S. refineries, potentially easing capacity constraints.