Trump convenes refiners to tackle gas prices amid Venezuela deal

Key points

• Trump will meet with refiners, distributors, and energy officials on Tuesday to discuss expanding refining capacity.
• The White House aims for concrete, near-term steps to lower gas prices as Venezuelan crude flows increase.
• The U.S. national average gas price is $4.10 per gallon, up nearly 40% since the Iran conflict began in February.
• A new deal gives the U.S. majority control of over 65 billion barrels of Venezuelan oil reserves.
• Affordability is a top voting issue, with 70% of Americans disapproving of Trump’s handling of the cost of living.

Background

Gas prices have risen significantly since the U.S. and Israel attacked Iran in late February, with the average price reaching $4.10 per gallon. Global refining capacity shortages, exacerbated by conflicts in Iran and Ukraine, have kept fuel prices elevated even as crude prices eased. Earlier forecasts suggested prices could reach $4.20–$4.30 per gallon, with diesel exceeding $5. The administration has previously pushed fuel retailers to lower prices directly, including praising Freedom Fuel Network for selling gas at $3.47 a gallon.

How outlets are covering it

CNBC emphasizes the administration’s focus on expanding refining capacity and passing through cost savings from Venezuelan crude to consumers, noting that refinery constraints have created a disconnect between crude and pump prices. USA Today highlights the political implications, citing polls showing that high gas prices are driving down presidential approval and hurting Republicans ahead of the midterms. WBAL-TV focuses on the new Venezuela deal, detailing that the U.S. is partnering with North American Blue Energy Partners to access untapped oil fields for 100 years, with the U.S. holding 55% of the effective output. Trump acknowledged that while prices will eventually come down, he could not guarantee they would fall before the election.

Why it matters

The meeting underscores the administration’s efforts to address rising gas prices, which are a major concern for voters ahead of the midterms. The Venezuela deal and focus on refining capacity aim to increase supply and lower costs, but the political and economic impact remains uncertain. The administration’s actions could influence consumer confidence and voting behavior, particularly as affordability remains a top issue for nearly half of Americans.

What to watch

The administration will likely announce specific steps to expand refining capacity and lower gas prices following the meeting. Energy Secretary Chris Wright is expected to travel to Venezuela this week to further discuss the oil deal. The impact of these measures on gas prices and consumer costs will be closely monitored in the lead-up to the midterm elections.