US wholesale diesel prices jumped nearly 7% on Tuesday, with New York Harbor quotes reaching an all-time high of $4.71 per gallon and retail prices approaching the $5.80 record set in 2022. With less than three months before the midterm elections, Trump convened executives from Marathon Petroleum (MPC), Phillips 66 (PSX), Chevron (CVX), Delek US Holdings (DK), PBF Energy (PBF) and Valero Energy (VLO) at the White House to seek measures to reduce fuel prices. White House spokesperson Taylor Rogers said the meeting would address ways to increase refining capacity, further unleash American energy dominance and lower consumer prices. The administration later promoted higher US refining capacity and environmental waivers for small refiners, but analysts say the refining system is already operating near its practical limit. EIA data showed refinery utilization at 95% or above for 12 consecutive weeks through the week ending August 21, the longest such stretch since 2000. Supply pressures have also been intensified by the Iran war and Ukrainian drone strikes on Russian refineries. US gasoline prices stayed above $4 per gallon throughout August, nearly 30% higher than a year earlier, while Brent crude settled 4.6% higher at $94.65 per barrel after large-scale US airstrikes on Iran. Retail diesel reached $5.688 per gallon, and the crack spread (refining profit margin) rose above $100 per barrel. Six major US crude processors earned a combined $24.7 billion in fuel-manufacturing profits in the second quarter, about five times the year-earlier figure, but analysts say those gains are insufficient to justify multibillion-dollar refinery construction, which takes three to five years. Venezuela could eventually provide more crude, but its July production averaged 1.16 million barrels per day and rebuilding output to about 3 million barrels per day could take more than 10 years. Analysts have identified restricting US fuel exports as a possible last resort, while warning that hurricanes, planned refinery maintenance and historically low diesel and heating-oil inventories could push prices higher. Brown University estimates that US consumers have spent an additional $52.3 billion on gasoline and $43.4 billion on diesel since the conflict began in late February, with the average household paying $730.81 more. Trump’s approval rating has fallen to 33%, and the political impact of fuel prices will be tested in November’s midterm elections.