President Trump to Address High Fuel Prices with Oil Refiners

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President Trump to Address High Fuel Prices with Oil Refiners

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President Donald Trump is set to convene with U.S. oil refining executives on Tuesday, September 1, 2026, to address the ongoing issue of elevated gasoline prices across the nation. The meeting will include representatives from at least 10 fuel makers and distributors, including companies like Marathon Petroleum Corp., Delek US Holdings Inc., Chevron Corp., PBF Energy Inc., and Valero Energy Corp.

Gasoline prices have been a significant concern, with the national average for regular unleaded reaching $4.03 a gallon by mid-August 2026, a record seasonal high. As of August 27, 2026, the national average for a gallon of regular gasoline was $4.09. This August is projected to be the most expensive August at the pump on record, surpassing the previous high set in 2022. Diesel prices have also been high, averaging $5.40 a gallon in mid-August.

Several factors are contributing to these persistent price increases. Ongoing U.S.-Iran tensions, particularly concerning access to the Strait of Hormuz, have caused significant swings in oil prices. The Strait of Hormuz is a critical shipping route, and disruptions there place a substantial portion of the global oil supply at risk. Additionally, Houthi strikes targeting Saudi oil tankers in the Red Sea have further fueled fears of broader supply disruptions. Refining capacity for diesel remains constrained in several regions, and disruptions to critical shipping routes are impacting global fuel markets. U.S. gasoline stockpiles have decreased to levels not seen since November 2025, with regional inventories in key areas like New York and New Jersey at their lowest since November 2024.

The meeting will provide an opportunity for President Trump to hear directly from industry leaders about market dynamics and potential solutions to lower gasoline prices and boost domestic fuel refining capacity.

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