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

President Donald Trump met with a group of fuel refining and distribution executives to discuss strategies for increasing domestic refining capacity and lowering gasoline prices. The administration announced that the meeting aimed to identify concrete, near-term steps to boost production as the U.S. faces high pump prices, which have risen nearly 40% since the start of the war with Iran. During the session, industry representatives argued that current federal biofuel-blending quotas are driving up costs. In response, the administration announced that it would seek to ensure non-exempted facilities are responsible for blending the volumes waived for small refineries. President Donald Trump also highlighted a deal securing majority control of over 65 billion barrels of Venezuela's oil reserves. While the administration announced that this deal is intended to bring down gas prices, experts noted that the infrastructure in Venezuela requires significant investment to return to peak production. Additionally, the administration announced that it would continue to pressure the Fed to lower interest rates, while President Donald Trump argued that rapid economic growth should not necessarily cause inflation.

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