Global Markets
Home›Global Markets›Trade & Tariffs›Trump presses US refiners to raise petrol and diesel o…
Trump presses US refiners to raise petrol and diesel output
The push came as US fuel prices hit the highest seasonal levels on record, with petrol above $4 a gallon and diesel near $6 on average nationwide, according to AAA.
President Donald Trump pressed US oil refiners to boost domestic production of petrol and diesel during a closed-door meeting, linking the request to high fuel prices and rising cost-of-living concerns ahead of November midterm elections, according to SCMP Economy citing a White House official.
The meeting reportedly focused on ways to increase refining capacity, with industry representatives aligning on the goal and discussions touching on regulatory changes, faster permitting, and additional investments.
Trump also sought lower prices at the pump for Americans, while refiners raised concerns about federal biofuel-blending requirements. SCMP Economy reports that executives argued quotas forcing them to mix alternative fuels into petrol are contributing to higher pump prices.
The backdrop is an American Automobile Association estimate that US fuel prices are at the highest seasonal level ever, with petrol now above $4 a gallon and diesel nearly $6 a gallon on average nationwide.