The United States is intervening to protect its refining industry and reduce fuel prices — Nigeria cannot afford to do less

The Crude Oil Refinery Owners Association of Nigeria (CORAN) has followed with considerable interest recent developments in the United States petroleum refining sector, particularly the meeting convened by President Donald Trump with leading American refinery and fuel-distribution executives at the White House on Tuesday, September 1, 2026.

The meeting provides an important policy lesson for Nigeria.

President Trump convened approximately a dozen executives from major and independent refining companies, including representatives of Marathon Petroleum, Valero Energy, PBF Energy and Delek US, among others, to discuss measures capable of increasing domestic refining output and ultimately reducing gasoline and diesel prices for American consumers. The meeting was also attended by senior administration officials, including the United States Secretary of Energy and the head of the National Energy Dominance Council.

Discussions reportedly covered refinery capacity, regulatory requirements, accelerated permitting, investment conditions, biofuel obligations and improved access to suitable crude feedstock. The administration also explored how American refiners could process additional Venezuelan crude and what policy or regulatory adjustments might facilitate increased domestic fuel production.

The significance of this intervention cannot be overstated.

At the time President Trump summoned refinery operators to the White House, American refineries were not idle. U.S. refinery utilisation had risen to approximately 98 per cent, its highest level since August 2018. Refiners were processing about 17.5 million barrels of crude oil per day. Yet, with gasoline prices exceeding $4 per gallon and domestic inventories tightening, the American government did not dismiss the concerns of refinery owners as corporate entitlement. It…