Sunoco Chairman Ray Washburne on GOP Midterm Convention, Paxton Campaign Surge, and Gas Price Outlook Amid $90 Oil

POLICY WIRE — Dallas, United States — Sunoco chairman Ray Washburne, co-chair of the Republican Party’s first-ever midterm convention set for Dallas later this week, appeared on CBS’s “Face the Nation with Margaret Brennan” on September 6, 2026, to address convention logistics, candidate participation, and national energy dynamics.

Washburne confirmed that roughly 20,000 attendees from all 50 states and U.S. territories have begun arriving in Dallas, describing a palpable surge of energy around the event. While he clarified that attendance packages—including reports of $25,000 fees for some lawmakers—are managed by the Republican National Committee, he emphasized his role as chair of the local host committee rather than the RNC’s fundraising apparatus.

He noted that candidates across nearly every competitive race are attending, citing daily donor meetings, administration officials, and high-profile networking opportunities as key draws—even for those able to stay only one day. A small number of incumbents in especially tight districts were unable to attend due to campaign demands.

When asked whether former Texas Attorney General Ken Paxton is the convention’s centerpiece candidate, Washburne stressed that every nominee is central to the event—but acknowledged Paxton’s prominence as a home-state Senate contender. He revealed that Donald Trump announced a $10 million contribution to Paxton’s campaign during the convention buildup, with Elon Musk pledging a substantial additional investment.

Washburne added that Paxton’s first television ad aired the morning of the interview, launching what he described as a wall-to-wall advertising campaign through the convention and beyond—timed to compensate for limited summer ad spending.

Turning to energy markets, Washburne stated that U.S. refineries are currently operating at 98% capacity, well above historical norms, and that no consumer demand destruction has emerged despite gasoline prices exceeding last year’s Labor Day levels by more than 20%. He attributed steady driving behavior to relatively low fuel-cost burden: less than 2% of average take-home pay, compared with roughly 5% during the 1970s energy crisis.

He credited major retailers like Costco and Buc-ee’s for holding retail pump prices below potential highs, noting that Sunoco distributes approximately 17 billion gallons of refined fuel annually and expects flat gasoline demand through fall with stable business outlook.

On oil prices, Washburne cited Energy Secretary Lara Besant’s forecast that crude could fall to $40–$50 per barrel following resolution of the Iran conflict and restoration of Russian refinery output—currently running at just 40% due to Ukrainian strikes. He pointed to forward strip pricing, which shows traders anticipating a significant decline within months, though he cautioned that refiners face exposure if feedstock costs drop sharply after purchases made at current $90-per-barrel levels.

Reporting by Policy-Wire (PW)