President Trump met with O&G Industry leaders yesterday; fuel prices and future stability

quote:

---

(Bloomberg) -- President Donald Trump pressed US oil refiners to boost domestic production of gasoline and diesel during a closed-door meeting Tuesday, as he contends with high prices and mounting cost-of-living concerns before November's midterm elections.

Trump made clear he wants lower gas prices at the pump for Americans and asked executives how to increase refining capacity, according to a White House official who provided details on condition of anonymity. The official said industry representatives were aligned with that goal and that the discussion touched on regulatory changes, faster permitting and additional investments.

---

quote:

---

In return, Trump got an earful about federal biofuel-blending requirements, as some refining executives used the hour-long meeting to argue that quotas compelling them to mix alternative fuels into gasoline are raising pump prices, according to people familiar with the conversation who asked not to be named because it was private.

---

quote:

---

They reflected a who's who of industry, with leaders of smaller independent fuel makers such as Delek US Holdings Inc. alongside representatives from large refiners, including PBF Energy Inc., Marathon Petroleum Corp., and Valero Energy Corp.

Energy Secretary Chris Wright and Interior Secretary Doug Burgum, who heads Trump's National Energy Dominance Council, were in the session alongside other officials.

The gathering was dominated by talk about the Renewable Fuel Standard, the federal law that compels refiners to blend corn-based ethanol, soy-based biodiesel and other alternative fuels into gasoline and diesel, people said.
Industry representatives took aim at the administration's decision to set record-high biofuel-blending quotas, with some casting the targets as unattainable and describing them as driving up gasoline costs, some of the people said.

---

quote:

---

The president is also seeking to unlock more crude flows from Venezuela, tapping a guaranteed share of at-cost production from North American Blue Energy Partners, a privately held company that's been granted 100-year concessions on 17 oil fields.

---

quote:

---

Refiners in Tuesday's meeting were asked how the US can process more Venezuelan crude — and how the administration can make that easier, people familiar with the conversation said. While some refiners are already importing volumes from Venezuela — particularly Valero and Chevron Corp. — taking on more won't make geographical sense for some facilities across the US, industry representatives said.

Participants also praised Trump for a Jones Act waiver that's allowed foreign ships to transport oil and other commodities around the US.

---

LINK

quote:

---

On a background call with reporters, a U.S. official announced that Chevron plans to expand its operations in Venezuela. Chevron, the second-largest U.S. oil company, is the only major American producer with a significant presence in the country. The expansion is part of the administration's broader push to increase Venezuelan oil production.

In a separate deal announced Friday and detailed by the White House Monday night, Venezuelan interim authorities granted North American Blue Energy Partners 100-year concessions to 17 oil fields. The Pentagon’s Office of Strategic Capital will receive a 35% equity stake in NABEP’s corporate parent, while the State Department will have the guaranteed right to purchase 20% of the company’s output at production cost.

Energy Secretary Chris Wright and Chevron executives are expected to travel to Venezuela Wednesday to formally unveil the investment.

---

quote:

---

Venezuela holds approximately 303 billion barrels of proven crude oil reserves, the largest in the world. However, much of this oil is heavy or extra-heavy crude, which is thicker, contains more impurities, and requires more complex refining. Despite this, it can still be processed into gasoline, diesel, jet fuel, and asphalt, with some U.S. Gulf Coast refineries specifically equipped to handle it.

---

LINK

Sounds like an overall productive meeting, very productive if it can lead to less vegetables in our gasoline.

I know the front runners for the 2028 GOP Presidential candidate are Rubio, Vance and DeSantis…but if this Venezuela deal is looking like a huge success for us and the Venezuelan people this time next year, I’m liking the thought of Energy Secretary Chris Wright being given serious thought. He’s “only” 61 years old, and like Trump, has not been a politician. He’s been a very successful businessman during his career, and maybe Wright’s longtime connections in Colorado could possibly make it a swing state?