Trump Taps Chevron for Venezuelan Oil Expansion Amid Rising Gas Prices

President Trump met with oil executives at the White House to discuss ways to boost domestic refining capacity and lower rising gas prices. The national average price of gasoline remains above $4 per gallon, prompting the administration's focus on increasing oil output from Venezuela.

The White House announced that Chevron plans to expand its operations in Venezuela as part of a broader push to increase Venezuelan oil production. This follows the U.S. capture and arrest of Venezuelan dictator Nicolás Maduro earlier this year.

Venezuela holds approximately 303 billion barrels of proven crude oil reserves, the largest in the world. However, much of this oil is heavy or extra-heavy crude, which requires more complex refining to produce gasoline, diesel, jet fuel, and asphalt.