Ray Washburne Talks Politics, Sunoco and Energy on Face the Nation

When Margaret Brennan invited Ray Washburne to the studio, the atmosphere was already buzzing. Washburne, who wears two hats – co‑chair of the Republican midterm convention in Dallas and chairman of gasoline distributor Sunoco – greeted her with a warm, "Good morning, Margaret. Thanks for having me."

The conversation quickly turned to the buzz around the first ever Republican midterm convention. Brennan asked whether lawmakers really have to shell out $25,000 just to attend. Washburne laughed a little, explained that the pricing structure is set by the RNC, and emphasized that the host committee’s job is simply to make sure the event runs smoothly. "We’ve got about 20,000 participants coming from all 50 states and every territory," he said, "and the energy in Dallas is palpable."

As the interview progressed, Brennan pressed on the practical side: how many elected officials were actually making the trek, and what the fundraising would mean for them. Washburne answered that almost every vulnerable race was represented, noting that the schedule was jam‑packed with donors, administration insiders and high‑profile supporters. Even a single day in Dallas, he added, can be a "golden networking opportunity" for a candidate who can’t afford to be away from a tight race for long.

The spotlight then shifted to Texas. President Trump had recently hinted that former Texas Attorney General Ken Paxton, now a Senate hopeful, would be the centerpiece of the convention. "Is that really the focus?" Brennan asked. Washburne was careful not to single anyone out. "Every candidate matters," he said, "but Ken is certainly a high‑profile name because this is his home state. The Trump campaign just pledged $10 million to his effort, and even Elon Musk has pledged a chunk of cash. Expect a wall‑to‑wall ad blitz for Paxton from now through the convention."

Leaving politics for a moment, Brennan turned to Washburne’s other responsibility – overseeing Sunoco, the nation’s largest reseller of refined fuels. With gas prices hovering more than 20 percent above last Labor Day, she asked whether consumer behavior was shifting. Washburne painted a nuanced picture. "We’ve already passed summer peak demand," he noted, "and refineries are running at about 98 percent capacity. Unlike the 1970s, you won’t see lines at the pump today. People are still driving, they’re still filling up, even if it hurts a bit more in the wallet."

He added that, after adjusting for inflation, fuel now consumes less than 2 percent of a typical paycheck – a far cry from the 5 percent share in the Carter era. Large retailers like Costco and Buc‑ee’s have helped keep retail prices from soaring even higher.

When asked whether the worst of the energy shock had passed, Washburne sounded optimistic. "Supply is increasing, demand has steadied," he said. "We don’t see a dramatic drop or spike in gasoline consumption. Our projections for the fall are flat, which is good news for distributors and, ultimately, for drivers."

Throughout the interview, Washburne blended his political savvy with a grounded view of the energy market, reminding viewers that while headlines may scream "price spikes," the underlying fundamentals are more stable than they appear.