President Donald Trump is expected to meet with U.S. refiners and fuel retailers next week to highlight efforts to lower gasoline prices, as his administration seeks to ease pressure on consumers from the Iran war ahead of November’s congressional midterm elections, people familiar with the matter said. The political stakes are high for Trump and his fellow Republicans, who are trying to defend narrow majorities in Congress in November. The war with Iran has become increasingly unpopular, while higher gasoline prices threaten to undercut Trump’s 2024 campaign promise to bring down the cost of living. Reuters/Ipsos polling shows Trump’s approval rating has fallen to 33%, with just 31% of Americans approving of the conflict. Attendees of the meeting are expected to include refiners like Valero Energy Corp, Marathon Petroleum Corporation and PBF Energy Inc, along with major retailers, according to two sources familiar with the plans. The biggest U.S. oil companies and refiners reported strong second-quarter earnings as the Iran war disrupted global energy markets and tightened supplies of gasoline and other refined products. Those results have drawn criticism from Trump, who has argued that oil companies benefiting from higher prices should do more to bring down costs for consumers. Trump has publicly pressed major producers and refiners to lower prices. The conflict has pushed up oil and gasoline prices by disrupting energy flows through the Strait of Hormuz, through which 20% of the world’s oil flowed before the war that began on February 28. U.S. regular gasoline has been above $4 a gallon, roughly $1 more than a year ago, creating an especially visible economic burden for voters heading into the midterms. Oil prices surged as high as $112 a barrel earlier in the conflict, although crude has since retreated as shipping through the strait has partially resumed.
(Reporting By Jarrett Renshaw; editing by Timothy Gardner and Chizu Nomiyama )