President Donald Trump meets with refiners to address high gasoline prices and expand domestic refining capacity

This push comes as high fuel costs remain a significant issue for consumers, with many Americans citing the cost of living as a top voting issue for the upcoming midterm elections. To address the supply side, the administration announced a deal with Venezuela that gives the U.S. majority control of more than 65 billion barrels of oil reserves. This move aims to bolster supply as the Iran war disrupts global crude flows. Additionally, the administration announced that the Environmental Protection Agency ended its summer ethanol blending requirements early and issued waivers for several dozen refineries to be exempt from integrating biofuels. While the administration announced these actions, experts note that a lack of refining capacity remains a primary driver of high prices. The administration announced that the Pentagon would take a stake in a North American Blue Energy Partners, a private Venezuelan company, to help increase production in oil fields. Meanwhile, President Donald Trump urged fuel retailers to lower prices directly, noting that while more oil from Venezuela may help, the lack of refining capacity is a primary factor in the current price spike.