Trump summons US refiners to address rising fuel prices amid Iran war

President Trump is set to meet with executives from Valero Energy, Marathon Petroleum, PBF Energy, and Chevron on September 1 as soaring fuel prices threaten to become his biggest political liability heading into the midterm elections. Gasoline prices have climbed from roughly $2.98-$3.25 per gallon before the US-Iran conflict to over $4, an increase of approximately 30-50% that American drivers are feeling every time they pull up to the pump.

The meeting comes six months after the launch of Operation Epic Fury on February 28, 2026, which triggered Iran’s closure of the Strait of Hormuz. That narrow waterway handles nearly 20% of global oil supply, and shutting it down has cut global oil flows by roughly 10%.

Refiners are flush while consumers are fuming

Marathon, Phillips 66, and Valero reported combined profits of $12.6 billion in the second quarter of 2026. That is a staggering haul at a moment when voters are watching gas station price boards tick upward week after week.

Trump’s approval ratings have slipped as public frustration with rising fuel costs and broader inflation intensifies.

What the administration has already tried

The administration has already released oil from the Strategic Petroleum Reserve, adjusted the Jones Act to allow foreign tankers to move fuel between domestic ports, and rolled out changes to biofuel blending requirements. Each of these steps provided incremental relief, but none has been enough to push prices back to pre-conflict levels.

The September 1 meeting is expected to focus on supply issues and capacity expansion. The administration is also exploring gas tax suspensions and regulatory reforms as additional levers. A federal gas tax holiday would provide direct, visible relief at the pump, though it would also blow a hole in the Highway Trust Fund that pays for road and bridge maintenance.

The political calculus and market implications

If the administration successfully pressures refiners to cap or reduce prices, consumers would see temporary relief. But squeezed margins could discourage the very capacity investments the White House is simultaneously requesting, as building new refining capacity takes years and billions of dollars.

The Strait of Hormuz remains closed, and no diplomatic resolution to the US-Iran conflict appears imminent. Bringing gasoline back below $3 would require either reopening the strait or a level of domestic production expansion that takes years to materialize.