Trump Meets with Oil Executives Amid Rising Gas Prices

President Donald Trump met with oil-refining and fuel-distribution executives at the White House to discuss ways to boost domestic refining capacity amid rising gas prices. The national average price of gasoline remains above $4 per gallon, a concern for many Americans. To address this issue, the administration is focusing on increasing oil output from Venezuela, where Chevron plans to expand its operations.

The expansion in Venezuela is part of a broader push to increase Venezuelan oil production. Chevron, the second-largest U.S. oil company, has been granted concessions to 17 oil fields by Venezuelan interim authorities for 100 years. The Pentagon's Office of Strategic Capital will receive a 35% equity stake in North American Blue Energy Partners' corporate parent, while the State Department will have guaranteed access to 20% of the company's output at production cost.

Energy Secretary Chris Wright and Chevron executives are set to travel to Venezuela on Wednesday to formally unveil the investment. This move comes after the U.S. capture and arrest of Venezuela's longtime dictator Nicolás Maduro earlier this year, which has opened up opportunities for increased oil production in the country. Venezuela holds approximately 303 billion barrels of proven crude oil reserves, making it the largest reserve holder in the world.