Trump Meets Oil Executives Amid Gas Price Crisis
US President Donald Trump met with oil industry leaders at the White House to discuss ways to lower gas prices, which have reached an average of over $4 per gallon nationwide. The meeting focused on expanding domestic refining capacity and increasing oil production from Venezuela. Chevron is set to expand its operations in Venezuela as part of this effort.
The US holds a 35% equity stake in North American Blue Energy Partners' corporate parent through the Pentagon's Office of Strategic Capital. This investment was made alongside Venezuelan interim authorities, who granted NABEP 100-year concessions to 17 oil fields. The State Department will have the right to purchase 20% of NABEP's output at production cost.
The arrangement has sparked controversy due to concerns about its legality and durability. A US official defended the deal, stating that Betancourt was vetted and no U.S. laws were violated. Chevron executives, along with Energy Secretary Chris Wright, are set to travel to Venezuela on Wednesday to unveil the investment formally.