Chevron says Venezuelan oil imports are helping curb U.S. gas prices

Key Points:

• Chevron is increasing imports of Venezuelan crude oil to its Pascagoula, Mississippi refinery, operating it around the clock to help lower U.S. fuel prices amid constrained global oil supplies due to the war in Iran.
• A recent shipment of 400,000 barrels of Venezuelan crude is expected to supply Chevron's refinery for four days, providing a new supply source that Chevron says benefits both Venezuela's revenue and American consumers by reducing prices.
• The U.S. government has eased sanctions on Venezuela's interim President Delcy Rodriguez to encourage U.S. investment in Venezuela's oil sector, aiming to rebuild ties and boost oil production after the removal of Nicolás Maduro.
• Chevron plans to increase its oil production in Venezuela by 50% over the next few years as part of newly announced deals, reflecting a strategic push to secure more affordable and reliable energy supplies.
• Chevron's president of global refining, Andrew Walz, emphasized the importance of energy conservation for consumers amid rising prices, urging people to reduce energy use while infrastructure investments continue to stabilize supply.