US Resumes Venezuelan Oil Trade, But Gas Prices Face an Uncertain Path
The U.S. completed its first sale of Venezuelan oil (about $500 million) as part of tapping into Venezuela’s reserves, prompting debate over how quickly it could affect pump prices. With national gas around $2.67/gal, economists are divided: a production ramp could lower prices, but meaningful impact is likely years away due to sanctions, infrastructure issues, and the need for heavy crude in refineries; Venezuela’s current output is ~750,000 barrels per day of a ~300 billion-barrel reserves, and Canada currently dominates heavy crude imports. The outcome will hinge on political concessions and whether additional supply can actually reach U.S. refineries without triggering oversupply in the market.
