Trump to meet oil refiners amid Iran war and Venezuela oil deal

Donald Trump is turning to U.S. oil refiners as gasoline prices come under pressure from the war with Iran and the uncertain status of the Strait of Hormuz, a route linked to one-fifth of global oil production.

The White House said Trump would meet representatives of the refining sector on Tuesday. The participants will include a mix of small, medium-sized and large refiners and distributors, although the administration did not publish a list of companies.

White House spokeswoman Taylor Rogers said the president would work with industry leaders on ways to increase refining capacity, expand U.S. energy control across the supply chain and reduce prices for Americans. A White House official separately said the talks were especially timely as Venezuelan crude flows into U.S. refineries increase.

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The president will meet with sector leaders to collaborate on the best ways to increase refining capacity, further unleash American energy dominance across the entire supply chain and reduce prices for the American people.

The meeting follows Trump's announcement on Friday of what he called the largest deal in history. He said it would give the United States majority control of 65 billion barrels of Venezuela's proven oil reserves. Venezuela has the world's largest proven reserves, according to the report.

The administration is seeking to use Venezuelan oil to offset disruption to global crude supplies caused by the war with Iran, which Trump launched with Israel six months ago. The United States and Iran exchanged fire on Sunday for the first time in a month. Iran says it has kept the Strait of Hormuz closed, while Trump rejects that claim and says the United States has imposed a total naval counter-blockade.

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Especially timely now that we are increasing the flow of Venezuelan crude into U.S. refineries.