Key facts
- President Donald Trump is pressuring U.S. oil refiners to increase production and lower gasoline prices.
- Trump expressed frustration that pump prices remain high despite falling crude oil costs.
- He suggested that refiners are profiting excessively from the current market conditions.
- The President indicated that his administration would consider intervention if refiners do not adjust prices.
- President Trump will meet with major travel company executives on Wednesday.
President Donald Trump has publicly pressured U.S. oil refiners to boost production and reduce gasoline prices for consumers, threatening a 10% tariff on exports if they do not pass on falling crude oil costs. Trump voiced frustration that pump prices have not fallen in line with declining crude oil costs, suggesting that refiners are capitalizing on the situation with excessive profits. He indicated that his administration would consider taking action if refiners do not pass on the savings from lower crude prices to the public. The comments come amid ongoing concerns about inflation and the cost of living for American households. Separately, President Trump is scheduled to meet with major travel company executives, including representatives from American Airlines, Marriott, MGM Resorts, and Carnival, on Wednesday.