U.S. Energy Secretary says Venezuelan oil boost could ease gas prices within two years
Energy Secretary Chris Wright told reporters in Caracas that increased Venezuelan crude imports are expected to lower U.S. gasoline prices in the next 12 to 24 months.
In Caracas, Energy Secretary Chris Wright announced that the Trump administration’s push to increase Venezuelan oil production is on track and should result in lower gasoline prices for U.S. consumers within the next 12 to 24 months. He explained that the timeline reflects the need to expand refinery capability to process the heavy crude, but the effort is proceeding ahead of plan. The United States will acquire a 35% equity interest in North American Blue Energy Partners, which has secured 100-year concessions for 17 Venezuelan oil fields with an estimated 65 billion barrels of reserves.
Wright also highlighted opportunities to grow refining capacity using existing Venezuelan assets. While gasoline prices have risen recently due to geopolitical tensions, the administration hopes the new imports will help refill the Strategic Petroleum Reserve, though the SPR is not currently configured for heavy crude.
Why it matters
Higher Venezuelan oil imports could bring down U.S. gas prices and affect energy market dynamics.
How this story developed
- Aug 28 U.S. Negotiates Long-Term Lease of Venezuelan Oil Fields to Cut Import Costs
- Aug 28 The White House has referred inquiries about the proposed deal to the Energy Department.
- Aug 29 Trump announced a partnership granting the United States a 55% effective output share in Venezuelan oil fields.
- Aug 30 The first publicly shared photographs of Nicolas Maduro since his January abduction were uploaded to his X account. The pictures show the former president detained by U.S. officials as he prepares for a trial on narco-terrorism and drug-trafficking accusations. The post was framed as a tribute to his grandchildren and supporters.
- Aug 31 Acting President Delcy Rodríguez announced a 25‑year bilateral energy project granting the United States majority control of more than 65 billion barrels of Venezuelan reserves.
- Aug 31 Trump said the deal will allow the United States to top up its Strategic Petroleum Reserve.
- Aug 31 The partnership was described as a 25‑year joint venture targeting 1.5 million barrels per day and projected to generate about $209 billion for Venezuela, with the United States holding a 55 percent interest and a 35 percent passive stake in the private partner.
- Sep 1 Pentagon’s Office of Strategic Capital joins the Venezuelan oil venture.
- Sep 2 U.S. Energy Secretary Chris Wright scheduled a visit to Venezuela to discuss the oil partnership.
- Sep 2 Chevron announced plans to expand its Venezuelan oil footprint, receiving extra acreage in the Orinoco Belt and targeting over $7 billion in investment to lift output to roughly 600,000 barrels per day.
- Sep 2 The administration revealed a $100 billion proposal that includes a disputed 35 % Pentagon equity stake and a 100‑year lease for the private partner.
- Sep 2 Chevron added two new Carabobo blocks to its joint venture in the Orinoco Belt.
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