Trump presses oil majors to expand U.S. refining capacity as pump prices hit record

President Trump met with executives from Chevron, Marathon Petroleum, Valero, and PBF Energy, urging them to raise refining capacity to lower gasoline prices ahead of the Labor Day weekend, which is set to see record-high pump prices. The request faces structural hurdles: U.S. refiners have been reluctant to invest in new capacity due to long-term demand uncertainty and high capital costs. The outcome is uncertain, but the meeting signals potential policy pressure on the refining sector.