As gasoline prices soar in the United States, U.S. President Donald Trump will meet with executives from the refining and fuel distribution industries.
On the 31st (local time), according to CNBC and others, President Trump will hold a meeting at the White House with not only major refiners but also small and midsize refiners and fuel distributors, with Interior Minister Doug Burgum and Energy Minister Chris Wright in attendance.
The core agenda of the meeting is gasoline prices, which have been slow to stabilize as the war with Iran drags on. According to the American Automobile Association (AAA), the average retail price of diesel in the United States has surged 57% this year.
President Trump has complained that while U.S. refiners have reaped huge profits from a spike in global oil prices, they have not lowered retail gasoline prices at the pump. On the 3rd, he singled out oil majors such as Chevron and Exxon Mobil and said, "They are making too much money when supply is tight. I don't like it."
With the midterm elections approaching, President Trump is expected to again press the industry at this meeting to sharply cut gasoline prices. In a Reuters/Ipsos poll released earlier this month, about half of respondents cited the cost of living as the most important issue in the midterms.
It is also notable that the meeting comes right after President Trump released an announcement on the 28th that he had secured "more than half control" over Venezuela's 65 billion barrels of oil reserves. AFP reported that President Trump hopes the global crude supply disruptions caused by the war with Iran will be offset by increased supplies of Venezuelan crude.
White House Spokesperson Taylor Rogers said, "President Trump is committed to ensuring that his successful energy dominance agenda leads to consumers realizing the maximum cost-saving benefits at the pump."