Trump Meets Oil Executives to Lower Gasoline Prices

President Donald Trump hosted a meeting with oil refinery leaders and gas retailers at the White House on September 1 to address gasoline prices, which have risen 38% to an average of $4.10 per gallon since February. The price surge is attributed to supply disruptions caused by an ongoing conflict with Iran, leaving national pump prices above $4 per gallon for 103 days in 2026.

Trump accused refiners of gouging consumers and directed the United States Department of Justice to investigate the industry, urging companies to use record second-quarter profits to lower retail costs. While the White House framed the meeting as a celebration of industry efforts to maintain supply, invited executives from companies including Chevron, Valero Energy, Marathon Petroleum, PBF Energy, and Delek US Holdings expressed concern over potential confrontations. ExxonMobil was notably excluded from the meeting following a dispute in which its CEO described Venezuela as uninvestable.

To alleviate the supply crisis, the administration is increasing Venezuelan crude flows. The U.S. government partnered with North American Blue Energy Partners to secure 100-year rights to untapped Venezuelan oil fields, with the U.S. taking a 55% stake in the output. Trump characterized this as the biggest oil deal in the world, though energy experts suggest significant production increases are unlikely in the near term.