President Trump is set to meet with executives from Valero Energy, Marathon Petroleum, PBF Energy, and Chevron on September 1 as soaring fuel prices threaten to become his biggest political liability heading into the midterm elections. Gasoline prices have climbed from roughly $2.98-$3.25 per gallon before the US-Iran conflict to over $4, an increase of approximately 30-50% that American drivers are feeling every time they pull up to the pump.
The meeting comes six months after the launch of Operation Epic Fury on February 28, 2026, which triggered Iran’s closure of the Strait of Hormuz. That narrow waterway handles nearly 20% of global oil supply, and shutting it down has cut global oil flows by roughly 10%.
Refiners are flush while consumers are fuming
Marathon, Phillips 66, and Valero reported combined profits of $12.6 billion in the second quarter of 2026. That is a staggering haul at a moment when voters are watching gas station price boards tick upward week after week.
Trump’s approval ratings have slipped as public frustration with rising fuel costs and broader inflation intensifies.
