President Trump on Tuesday met with oil executives to discuss how to lower fuel prices as Americans face high travel costs for the Labor Day weekend. CBS News correspondent Natalie Brand reports.
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Trump meets oil executives to lower fuel prices as US oil reserve hits 44-year low
The President convenes oil executives, seeking solutions to rising fuel prices. Meanwhile, the Strategic Petroleum Reserve hits its lowest level since 1980. The juxtaposition is not lost on the consumer: while talks promise relief, the safety net is shrinking. The reserve's depletion is a matter of public record, and the meeting is a matter of public relations. On one side, the ask for lower prices; on the other, the absence of capacity to buffer shocks. The ledger runs both ways: the promise to the public, the payout to the industry, and the missing barrel that costs more at the pump. The gap between supply and ask is the size of the reserve itself. Hon, they tell you there's no money—there's just less oil. The math is simple and the stakes are in every gas receipt. If prices fall, it's not because the reserve filled your tank; it's because the meeting filled the promise. The truth sits in the numbers, and the numbers sit in the pump.
“The President sits down with oil bosses to talk about lowering prices, but the reserve is drained to a forty-four-year low. The only thing getting filled is the boardroom, not the tank. You pay at the pump while the companies get the ear of power.”
“The administration is working tirelessly to bring down fuel prices, and meeting with industry leaders is essential. It's unfortunate the reserve is low, but that's just part of the global supply challenge. Lower prices are coming, probably. Maybe. Did I say 'low'? Only relative to historic highs. It's all under control.”
The receipts
The U.S. released millions of barrels of oil after a historic energy shock set off by the Iran war.
This page is a back-issue: the story as it ran, receipts as they were. The current edition is at the front.