Trump to Summon Refiners Next Week, Pressuring Them to Lower Oil Prices
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Trump is expected to convene U.S. refiners and fuel retailers next week in the White House's most direct intervention on gasoline prices yet — driven by a glaring gap where crude fell 27% but pump prices dropped only 13%, and by mounting political pressure ahead of the midterm elections.
What is the White House doing this time?
According to Reuters, citing people familiar with the matter, Trump plans to summon U.S. refiners and fuel retailers to a meeting next week.
The sole objective: underscore the administration's push to lower gasoline prices and ease the cost burden on consumers from the Iran conflict.
This means → the White House is no longer just issuing threats or launching probes — it is pulling midstream and downstream companies directly to the negotiating table, a clear escalation.
How did the pressure ramp up in three steps?
Step one (June 24): Trump ordered the Department of Justice to investigate oil companies that failed to pass on crude-price declines, accusing them of "gouging" consumers.
Step two (Aug 3): He called out Chevron CEO Mike Wirth by name on social media, publicly demanding the entire industry cut retail prices immediately.
Step three (next week): A face-to-face meeting. In plain terms = from long-distance rhetoric to personal call-outs to a sit-down — the White House escalated three times in three months.
Why hasn't cheaper crude meant cheaper gasoline?
Market data at the time of the DOJ probe showed international crude had fallen roughly 27% over the prior month, yet the U.S. national average for regular gasoline dropped only about 13%.
The pattern is often described as "rockets and feathers" — prices rocket up when crude rises but float down like a feather when crude falls.
This reflects an inventory lag in the refining and retail chain: companies hold a buffer against the next supply shock and are reluctant to pass on the full discount. On August 27, U.S. WTI crude still closed at a lofty $83 per barrel.
What does this have to do with politics?
Analysts argue that high gasoline costs have become a political liability the White House can no longer sidestep, given the direct hit to voters' cost of living.
With the November midterm elections approaching, gasoline pricing has shifted from an economic issue to a political one. This means → the administration needs a visible, concrete move on pump prices before voters head to the polls.
The meeting's exact date, the list of invited companies, and whether the White House sets a quantifiable price-cut target will be the key markers for judging whether this round of intervention has real teeth.
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