Trump Administration Eyes Venezuelan Oil Expansion Amid Rising Gas Prices
President Donald Trump met with oil-refining and fuel-distribution executives at the White House to discuss ways to lower gas prices. The national average price of gasoline has remained above $4 per gallon, a burden on consumers.
The meeting focused on expanding domestic refining capacity, while the administration announced Chevron's plans to expand operations in Venezuela to boost oil production.
Chevron, the second-largest U.S. oil company, is the only major American producer with a significant presence in the country. The expansion is part of the administration's broader push to increase Venezuelan oil production.
As part of this effort, North American Blue Energy Partners has been granted 100-year concessions to 17 oil fields in Venezuela, with the Pentagon's Office of Strategic Capital receiving a 35% equity stake in NABEP's corporate parent.
The arrangement has sparked controversy due to concerns about its legality and durability, as well as the background of the company's leader, Betancourt, who has faced money-laundering investigations in Spain, Switzerland, and the United States but has never been formally charged.