U.S. President Donald Trump plans to meet with executives of American oil refining companies on September 1 to discuss high gasoline prices and ways to increase domestic oil refining. Bloomberg reports this, citing people familiar with the matter, writes UNN.
Details
Representatives of at least 10 fuel producers and distributors are expected to attend the meeting. Those invited include Marathon Petroleum, Delek US Holdings, Chevron, PBF Energy, and Valero Energy.
According to Bloomberg, Trump wants to hear from industry executives their assessment of the market situation, proposals for lowering gasoline prices, and ways to increase the capacity of U.S. oil refineries.
Gasoline prices exceed $4 per gallon
The average price of gasoline in the United States now exceeds $4 per gallon, while diesel fuel is approaching $6. This is the highest seasonal price level, Bloomberg notes, citing the American Automobile Association.
At the beginning of the year, gasoline cost an average of $2.79 per gallon, but prices rose sharply after the situation in the Middle East escalated. They have fallen somewhat from a May peak of more than $4.50, but remain approximately $1 higher than at the end of February.
American oil refineries can currently process about 18 million barrels of oil per day, compared with a peak of 19 million in 2020. Last week, the refineries processed 17.4 million barrels, meaning they were operating almost at the limit of their available capacity.
At the meeting, the companies may also raise the issue of federal and state restrictions, biofuel-use quotas, and other regulatory requirements that, according to the industry, affect the cost of fuel production.
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