Trump plans meeting with US oil refining executives to address high gasoline prices

President Donald Trump is preparing to sit down with executives from some of America’s largest oil refiners and fuel retailers in early September 2026, aiming to pressure the industry into lowering gasoline prices that have become a serious political liability. The meeting, scheduled for the week following August 27, comes as US regular gasoline prices remain stubbornly above $4 per gallon, roughly $1 higher than where they stood a year ago.

Trump’s approval rating sits at 33%, according to Reuters/Ipsos polling, and the ongoing military conflict with Iran, which began on February 28, has rattled oil markets and eroded public confidence. Only 31% of Americans support the engagement, per the same polling data.

Who’s getting the invite

Expected attendees include executives from Valero Energy Corp, Marathon Petroleum Corporation, and PBF Energy Inc., three of the country’s most prominent refining operations. Major fuel retailers are also on the guest list.

These same refiners posted strong earnings in the second quarter of 2026, even as consumers watched the numbers on gas station signs climb past the $4 mark. Trump has publicly urged them to pass savings along to consumers.

Oil prices spiked to $112 per barrel during the height of the Iran conflict’s disruption to shipping through the Strait of Hormuz, a narrow waterway through which roughly a fifth of the world’s oil supply passes on any given day. Prices have since partially recovered as Hormuz shipping lanes have normalized somewhat.

The policy toolkit

One significant move involves expanded small-refinery biofuel blending exemptions. The administration is looking at waivers that could affect 1.2 to 1.8 billion Renewable Identification Numbers, or RINs. Granting more exemptions would reduce compliance costs for smaller refiners. Decisions on these waivers are expected by the end of August 2026.

The administration is also eyeing releases from emergency oil stockpiles. The White House is also working on easing anti-smog rules that constrain refinery production, which require refiners to produce special fuel blends during summer months to reduce smog.

Why the urgency matters

Gasoline prices are posted on giant signs at every major intersection in America. A $1-per-gallon increase, spread across the roughly 140 billion gallons of gasoline Americans consume annually, represents a massive wealth transfer from consumers to energy companies.

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