Trump to Meet Oil Executives Following Price Gouging Accusations

President Donald Trump is set to meet with top executives from the U.S. oil refining industry on Tuesday, just weeks after accusing them of gouging consumers and calling for a Justice Department investigation. The meeting comes as the administration grapples with national average gasoline prices exceeding $4 a gallon and refiners report record quarterly earnings.

A Tense Invitation

The White House event has created a complex situation for industry leaders. According to people familiar with the matter, invitations were sent late last week with few details, forcing executives to weigh the benefits of a direct audience with the president against the risk of a public confrontation.

One company official, speaking to Reuters, highlighted the dilemma of wanting a "seat at the table" while worrying about the potential for a CEO to be embarrassed. However, another official noted the meeting presents a rare chance to discuss key industry issues with Trump, such as the administration's biofuel policies and the Jones Act, which impacts domestic fuel shipping costs.

Record Profits Meet Political Pressure

The meeting is set against a backdrop of strong financial performance for refiners and sustained pain at the pump for consumers. According to Reuters, three of the largest U.S. refiners—Marathon, Phillips 66, and Valero—posted a combined $12.6 billion in second-quarter profits as refining margins surged.

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Meanwhile, the American Automobile Association reports that gasoline prices are at their highest-ever level for this time of year, with August on track to be the most expensive on record. This has intensified political pressure from the White House, which has urged companies to use their profits to lower fuel costs for Americans.

White House Focus on Capacity

The administration has stated the meeting will focus on celebrating efforts to supply the market and discuss expanding U.S. refining capacity. A White House official told Reuters that with domestic refineries operating at nearly 100% of their existing capacity, the administration is seeking "concrete, near-term steps" to increase output.

Illustrating the potential for friction, Exxon Mobil, the nation's third-largest refiner, was not invited to the meeting, according to sources. The omission follows a January incident where CEO Darren Woods reportedly drew Trump's displeasure with comments about Venezuela, prompting the president to say he was "inclined to keep Exxon out" of the country.