President Donald Trump is planning to meet with executives from major US oil refiners, including Valero Energy, Marathon Petroleum, and PBF Energy, in early September 2026, aiming to pressure them into lowering gasoline prices that remain stubbornly above $4 per gallon, roughly $1 higher than a year ago. His approval rating stands at 33 percent according to Reuters/Ipsos polling, amid a military conflict with Iran that began on February 28, 2026, which sent oil prices spiking to $112 per barrel and continues to weigh on pump prices. The administration is considering granting biofuel blending exemptions affecting 1.2 to 1.8 billion RINs to smaller refiners, along with releases from emergency oil stockpiles and easing of anti-smog regulations. With Americans consuming roughly 140 billion gallons of gasoline annually, a $1-per-gallon increase represents a massive wealth transfer from consumers to energy companies.
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