President Trump meets with oil executives to discuss increasing U.S. refining capacity

These policy shifts and industry meetings aim to influence gasoline prices at the pump, though analysts note that capacity expansions and new supply agreements may take months or years to impact consumer costs.

• •President Trump met with nearly a dozen oil refiners and distributors to discuss increasing U.S. refining capacity.
• •The administration is pursuing faster permitting, regulation changes, and additional investments to boost capacity.
• •The U.S. government is taking an equity stake in the parent company of North American Blue Energy Partners to access Venezuelan oil fields.
• •The Venezuela agreement grants the U.S. government a right to purchase and a right of first refusal on oil.
• •The administration expects oil from the Venezuela deal to hit the market by the beginning of next year.
• •National average gasoline prices remain above $4 per gallon.
• •U.S. crude oil prices have reached $90 per barrel amid geopolitical tensions in the Strait of Hormuz and Ukraine.
• •Analysts project this Labor Day will be the most expensive on record, approximately 15 cents higher per gallon than previous years.
• •Refineries are currently operating at near-maximum capacity with little spare capacity available.