President Donald Trump is scheduled to meet with executives from major U.S. refiners and fuel retailers next week to address rising gasoline prices linked to the conflict with Iran, according to sources familiar with the matter.
The administration’s engagement follows a period of heightened gasoline prices, which have exceeded $4 per gallon in the U.S., roughly $1 higher than a year ago. The war with Iran, which began on February 28, has disrupted global energy flows, with about 20% of the world’s oil previously transiting the Strait of Hormuz before the conflict.
The meeting aims to highlight efforts to ease consumer pressure ahead of the November midterm elections, where Republicans are seeking to maintain narrow congressional majorities. Polling data from Reuters/Ipsos indicates that President Trump’s approval rating has declined to 33%, while just 31% of Americans approve of the conflict. Higher fuel costs have also drawn criticism of the administration’s handling of the war and its broader economic impact.
Major U.S. refiners, including Valero Energy, Marathon Petroleum, and PBF Energy, are expected to participate in the discussions. The companies have recently reported strong second-quarter earnings, driven in part by supply disruptions tied to the Iran war, which tightened gasoline and refined product markets. Public criticism from the administration has pressured refiners to explore ways to lower costs for consumers.
The war’s impact on global oil markets has been significant, with prices surging to as high as $112 per barrel earlier in the conflict before easing as partial resumption of shipping through the Strait of Hormuz occurred.
