Trump's Venezuela Oil Deal May Not Deliver Lower Gas Prices

President Donald Trump's announcement of a deal to access billions of barrels of Venezuelan oil reserves has sparked optimism about lower gas prices in the US. However, GasBuddy analyst Patrick De Haan warns that it may not be as simple as expected.

According to De Haan, U.S. refiners are currently running at near capacity, with no room for additional oil processing. 'Refiners have been operating over 95% all summer long,' he said. This means that even if the US gains access to Venezuelan oil, it may not lead to lower gas prices.

De Haan also pointed out that Venezuelan crude oil requires specialized refining practices due to its heavy and high sulfur content.