Trump Pressures Oil Refiners Over Record Profits and Diesel Prices
President Donald Trump met with major oil refiners to discuss boosting fuel capacity as domestic diesel prices hit record highs amid global supply shortages.
Major U.S. oil refiners Valero Energy, Marathon Petroleum, and Phillips 66 are projected to report record third-quarter earnings. This surge is driven by a widening crack spread—the gap between crude oil and refined fuel prices—resulting from shrinking global energy supplies. Conflicts in the Middle East, reduced fuel exports from China, and Ukrainian drone strikes on approximately 15 Russian refining sites have positioned the United States as the world's last major fuel supplier.
Donald Trump met with refining executives to address domestic diesel prices, which recently reached a record average of $6.53 a gallon. During these discussions, the president criticized the companies for "making too much money" and suggested they return windfall profits to consumers.
To increase capacity, the administration is considering the reopening of two recently closed refineries in California operated by Phillips 66 and Valero. However, analysts warn that bringing these facilities back online faces significant logistical hurdles.
