President Trump will meet US oil refining executives in early September 2026 to press them on cutting gasoline prices, which have held above $4 a gallon. The sit-down comes as his approval rating sits at 33% and the administration weighs biofuel waivers, stockpile releases, and eased fuel-blend rules to bring pump prices down.
Donald Trump is preparing to meet executives from some of America's largest oil refiners and fuel retailers in early September 2026 to pressure the industry into lowering gasoline prices. The meeting is scheduled for the week following August 27. It comes as US regular gasoline prices remain stubbornly above $4 per gallon, roughly $1 higher than a year ago.
Trump's approval rating sits at 33%, according to Reuters/Ipsos polling. The ongoing military conflict with Iran, which began on February 28, has rattled oil markets and eroded public confidence — only 31% of Americans support the engagement, per the same polling data.
Who's getting the invite
Expected attendees include executives from Valero Energy Corp, Marathon Petroleum Corporation, and PBF Energy Inc., three of the country's most prominent refining operations, alongside major fuel retailers. These refiners posted strong earnings in the second quarter of 2026, even as consumers watched pump prices climb past $4. Trump has publicly urged them to pass savings along to consumers.
Oil prices spiked to $112 per barrel during the height of the Iran conflict's disruption to shipping through the Strait of Hormuz, a waterway through which roughly a fifth of the world's oil supply passes daily. Prices have since partially recovered as Hormuz shipping lanes have normalized somewhat.
The policy toolkit
The administration is looking at expanded small-refinery biofuel blending exemptions, with waivers that could affect 1.2 to 1.8 billion Renewable Identification Numbers, or RINs. Granting more exemptions would reduce compliance costs for smaller refiners. Decisions on these waivers are expected by the end of August 2026.
It is also eyeing releases from emergency oil stockpiles, and working to ease anti-smog rules that constrain refinery production by requiring special summer fuel blends meant to reduce smog.
Why the urgency matters
Gasoline prices are posted on signs at every major intersection in America, making them a highly visible political liability. A $1-per-gallon increase spread across the roughly 140 billion gallons of gasoline Americans consume annually represents a substantial transfer of money from consumers to energy companies.
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