Why More Venezuelan Oil Won’t Solve America’s Gasoline Problem
Venezuela has the largest proven oil reserves in the world, and its heavy crude is particularly well suited to the sophisticated refineries lining the U.S. Gulf Coast.
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Key Facts
- Fact 1: had secured majority control over Venezuelan fields containing more than 65 billion barrels of oil, saying the agreement would greatly increase U.S.
- Fact 2: Venezuela is currently producing roughly 1.25 million bpd, while the new projects are targeting production above 1.5 million bpd.
- Fact 3: imports from Venezuela averaged 637,000 bpd over the four weeks through Aug.
- Fact 4: 21, according to the EIA, reaching 662,000 bpd in the latest week.
Venezuela has the largest proven oil reserves in the world, and its heavy crude is particularly well suited to the sophisticated refineries lining the U.S. Gulf Coast.
More Venezuelan oil should help U.S. refiners, but that doesn’t translate directly into lower prices at the pump. Trump announced Friday that the U.S.
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