Trump to Meet with Refiners Amid High Gas Prices Ahead of Midterms, Sources Say

President Donald Trump is expected to meet with U.S. refining executives and fuel retailers next week to address rising gasoline prices, a significant political liability for his administration ahead of the November midterm elections, according to people familiar with the matter.

Political Pressure Mounts

The meeting comes as Republicans seek to defend narrow congressional majorities. Elevated fuel costs and an increasingly unpopular war with Iran are creating headwinds for the administration. According to a Reuters/Ipsos poll, President Trump's approval rating has fallen to 33%, with just 31% of Americans approving of the military conflict.

Persistently high prices at the pump threaten to undermine a key 2024 campaign promise to lower the cost of living for American consumers. The White House is now publicly highlighting its efforts to bring down costs for voters.

Market Impact of Iran Conflict

U.S. regular gasoline prices have remained above $4 a gallon, approximately $1 more than a year ago, according to the report. The price surge is a direct consequence of the conflict with Iran, which began on February 28 and disrupted global energy markets.

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The conflict has impacted critical shipping lanes through the Strait of Hormuz, a conduit for about 20% of the world's oil supply before the war. The disruption pushed crude oil prices as high as $112 a barrel at one point, though they have since retreated as some shipping has resumed.

Refiners in the Spotlight

Attendees expected at the meeting include major refiners such as Valero Energy Corp, Marathon Petroleum Corporation, and PBF Energy Inc, two sources told Reuters. These firms, along with others in the sector, reported strong second-quarter earnings as the conflict tightened the global supply of gasoline and other refined products.

President Trump has previously criticized oil companies, arguing that those benefiting from higher prices should do more to lower costs for consumers. This meeting appears to be the latest step in pressuring the industry to provide relief at the pump.