President Trump is expected to meet U.S. refiners and fuel retailers next week to press for lower gasoline prices, as the Iran war keeps pump prices elevated ahead of November's midterms. The meeting follows strong second-quarter earnings at major refiners and comes as Trump's approval rating has slipped to 33%.
President Donald Trump is expected to meet with U.S. refiners and fuel retailers next week to highlight efforts to lower gasoline prices, people familiar with the matter said. The administration is seeking to ease pressure on consumers from the Iran war before November's congressional midterm elections.
The political stakes are high for Trump and fellow Republicans, who are defending narrow majorities in Congress. The war with Iran has grown increasingly unpopular, and higher gasoline prices threaten Trump's 2024 campaign promise to bring down the cost of living. Reuters/Ipsos polling shows Trump's approval rating has fallen to 33%, with just 31% of Americans approving of the conflict.
Refiners face pressure over earnings
Attendees are expected to include refiners such as Valero Energy, Marathon Petroleum and PBF Energy, along with major retailers, according to two sources familiar with the plans. The biggest U.S. oil companies and refiners reported strong second-quarter earnings as the Iran war disrupted global energy markets and tightened supplies of gasoline and other refined products.
Those results have drawn criticism from Trump, who has argued that oil companies benefiting from higher prices should do more to bring down costs for consumers. He has publicly pressed major producers and refiners to lower prices.
Gasoline stays above $4 a gallon
The conflict has pushed up oil and gasoline prices by disrupting energy flows through the Strait of Hormuz, through which 20% of the world's oil flowed before the war began on February 28. U.S. regular gasoline has stayed above $4 a gallon, roughly $1 more than a year ago, creating a visible economic burden for voters heading into the midterms.
Oil prices surged as high as $112 a barrel earlier in the conflict, although crude has since retreated as shipping through the strait has partially resumed.
Source: Investing.com
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