Trump Taps Refiners to Fix High Gas Prices Amid Iran War
US President Donald Trump is set to meet with US refiners and fuel distributors on September 1 to explore ways to expand the nation's refining capacity, with the goal of lowering gasoline prices. The meeting will include officials from various government departments as well as representatives from small, medium, and large refiners and distributors.
The White House has stated that Trump is prioritizing 'concrete, near-term steps' to increase refining capacity at a time when an increase in Venezuelan crude flow to US refineries is expected. However, no specifics have been provided on the steps or how they could lower gas prices.
The US national average price for a gallon of regular gasoline has reached $4.10, marking a nearly 40% increase since the United States and Israel first attacked Iran on February 28. The conflict has roiled oil markets around the globe, with recent polling showing that high pump prices are driving down presidential approval and hurting Republicans ahead of the midterm elections.
Trump's announcement comes after he revealed last week that the US secured majority control of more than 65 billion barrels of Venezuela's proven oil reserves through a partnership with private business. However, details on how the agreement is structured have not been provided.