Trump to Meet Oil Executives Amid Iran War-Driven Gas Price Surge
US President Donald Trump is meeting oil refining executives at the White House on Tuesday to discuss ways to increase refining capacity and bring down gas prices. The talks come as the Iran war continues, causing disruptions in global oil supplies. Trump's administration has been trying to find ways to offset these disruptions ahead of the midterm elections in November.
The White House announced a deal last week for a huge US stake in Venezuela's oil reserves, which Trump called 'the biggest in history.' The deal will provide 'majority US control' of 65 billion barrels of proven Venezuelan petroleum reserves. This is significant because Venezuela has the world's largest proven reserves.
The talks with industry leaders are an attempt to increase refining capacity and bring down prices for American consumers. Republicans fear that high fuel prices could harm their chances in the midterm elections. The White House said the meeting would include a mix of small, medium, and large refiners and distributors.