Key insights
- President Trump met with energy executives, including Chevron's CEO, to discuss oil production, futures, and natural gas. High oil prices pose a risk to Republicans in the upcoming midterm elections. The administration is considering measures like relaxing refinery regulations and invoking the Defense Production Act to lower fuel prices, signaling potential intervention in energy markets to manage inflation and political optics.
By Timothy Gardner
WASHINGTON, April 29 (Reuters) - U.S. President Donald Trump met with top officials from Chevron and other energy companies on Tuesday to discuss a range of topics, including U.S. oil production, oil futures, shipping and natural gas, a White House official said on Wednesday.
Chevron’s spokesperson said its CEO Mike Wirth attended the gathering to discuss global oil markets, which have been roiled by the U.S.-Israeli war against Iran.
Treasury Secretary Scott Bessent, Trump’s Chief of Staff Susie Wiles, special envoy Steve Witkoff and Trump’s son-in-law Jared Kushner were also at the meeting, which was first reported by Axios.
High oil prices are a risk for Trump’s fellow Republicans ahead of the midterm congressional elections in November.
"The executives all spoke highly of the actions President Trump has taken to unleash American energy dominance, and said the President is doing all the right things right now," the White House official said.
The Trump administration last week granted a 90-day waiver extension to a shipping law called the Jones Act to allow foreign-flagged vessels to move commodities such as oil products and fertilizer between U.S. ports.
The administration this month has also invoked the Defense Production Act authorizing the Pentagon and the Department of Energy to take actions including purchases to expand domestic energy in an attempt to lower prices for consumers.
The White House official said Trump meets regularly with energy executives to get their feedback on domestic and global energy markets.
The administration could take additional steps including relaxing pollution regulations at refineries, in an attempt to lower fuel prices.