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U.S. diesel prices are hovering near record highs as the wars in the Middle East and Ukraine squeeze global refining capacity. A top European central banker warns high diesel prices could linger much longer. But some investors expect oil to tumble once the Strait of Hormuz reopens. The average price for a gallon (3.79
US gasoline futures dropped to $3.12 a gallon, ending a five-session winning streak after a Trump-Energy Secretary Wright meeting with refiners. Talks covered fuel-blending quotas amid surging corn and soybeans, while demand ahead of Labor Day remains strong.
President Donald Trump is set to meet Tuesday with oil refinery and distributor executives to discuss expanding refining capacity and lowering U.S. gas prices, according to the report. Exxon Mobil was not invited.
Trump is set to meet with oil executives about cutting gas prices, while his Venezuelan SPR plan faces skepticism.