U.S. refiners are scheduled to meet with President Donald Trump at the White House on Tuesday as gasoline prices average above $4 a gallon, a level last seen in the spring. The gathering follows Trump’s public criticism of refiners for alleged price gouging and a call for a Justice Department investigation into their operations.
The administration has framed the meeting as an opportunity to address long-term refining capacity constraints and increase imports of Venezuelan crude, which could help stabilize domestic fuel markets. U.S. refining utilization is running near 100% of available capacity, according to industry data, while August is on track to be the most expensive month for gasoline on record, the American Automobile Association said.
Marathon Petroleum, Phillips 66, and Valero Energy reported combined second-quarter profits of $12.6 billion, figures that have drawn scrutiny amid sustained high retail fuel prices. The White House has urged refiners to use their earnings to lower prices, though industry executives have expressed reservations about the meeting’s tone given Trump’s recent public remarks.
ExxonMobil, the nation’s third-largest refiner by capacity, was not invited following a January meeting where CEO Darren Woods described Venezuela as “uninvestable” in its current political climate. Trump responded at the time by stating he was “inclined to keep Exxon out” of discussions involving Venezuelan crude, according to people familiar with the exchange.
Executives are weighing the optics of attending against the chance to directly address policy concerns such as biofuel mandates and the Jones Act, which governs domestic shipping. Some industry advisers warned that the event could become a public forum where Trump singles out individual companies, while others viewed it as a rare opportunity to engage with the president on regulatory and trade issues affecting the sector.
The meeting comes as the U.S. grapples with the economic and political fallout of high energy costs, with gasoline prices remaining a persistent pain point for consumers ahead of the Labor Day weekend. The administration has also pointed to past Democratic policies that discouraged refining investment and contributed to the closure of domestic facilities as a factor in the current supply tightness.
