Behind closed doors in the Cabinet Room, Trump pressed industry leaders on how to lift refining capacity and bring prices down for drivers heading into November's midterms. A White House official said executives shared the aim of cheaper fuel and discussed permitting speedups, regulatory changes and new capital spending. After about an hour, the group made a brief stop in the Oval Office.
Around a dozen companies were represented, from independents like Delek US Holdings Inc. to larger players including PBF Energy Inc., Marathon Petroleum Corp. and Valero Energy Corp. Energy Secretary Chris Wright attended, as did Interior Secretary Doug Burgum, who leads Trump's National Energy Dominance Council.
US fuel prices are sitting at the highest levels ever for this time of year, per AAA. On average, gasoline is above $4 a gallon nationwide and diesel is close to $6. Prices at the pump have retreated from May's high of more than $4.50 a gallon, but they are still about $1 above where they were on Feb. 28, when the war with Iran began. That is well above the $2.79 low that Trump notched in January.
Trump has maintained that prices will ease over time and says voters grasp his declared goal to stop Iran from acquiring nuclear arms. On Monday, he told reporters he could not say with certainty that prices would fall before the election.
A big chunk of the conversation focused on the Renewable Fuel Standard, the federal program that requires refiners to mix corn ethanol, soy biodiesel and other alternatives into gasoline and diesel. Industry representatives criticized the administration's move to set record biofuel volumes, with some calling the targets out of reach and saying they are contributing to higher gasoline costs.
Tensions rose further after the Environmental Protection Agency on Monday approved a batch of small-refinery waivers covering portions of the requirements. Concurrently, the administration said it would aim to make non-exempt facilities account for the blending volumes waived elsewhere. Officials acknowledged the political squeeze: biofuel quotas pit farm interests against oil producers, two constituencies Trump needs, and some said their options were limited.
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Participants also praised Trump's Jones Act waiver that allowed foreign ships to move oil and other goods within the US. The waiver was issued broadly to support supply and lower costs during the war, then narrowed in scope in August.
The administration is working to unlock more crude from Venezuela by using a guaranteed allocation of production priced at cost from North American Blue Energy Partners, a private firm that holds 100-year rights covering 17 oil fields. Any extra barrels would likely head to US Gulf Coast refineries designed for heavy crude, though a major production jump from Venezuela is unlikely soon.
Refiners were asked how the US could run more Venezuelan crude and what policy changes would help. Some already bring in supplies from there, notably Valero and Chevron Corp. Even so, industry representatives said additional imports would not be a fit for some plants based on location.
After the talks, Wright said from Caracas that he expects "downward pressure" on gas and diesel in the next few weeks and added, "We're doing everything we can to help them increase the production of gasoline and diesel." For your wallet, here is the upshot: the White House is trying multiple knobs at once - biofuel policy, permitting, shipping and crude supply - but how fast prices ease will depend on what actually changes on the ground and how much conflict and logistics keep getting in the way.