Trump Meets with Oil Execs Amid Rising Gas Prices as Chevron Expands in Venezuela
US President Donald Trump met with oil industry leaders at the White House to discuss strategies for boosting domestic refining capacity and increasing oil output from Venezuela. The meeting comes as the national average price of gasoline remains above $4 per gallon, a pressing concern for consumers. Chevron has announced plans to expand its operations in Venezuela, aiming to boost oil production amid rising gas prices.
The expansion is part of the administration's broader push to increase Venezuelan oil production, which 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, requiring more complex refining. Some US Gulf Coast refineries are equipped to handle it.
A U.S. official announced that Chevron plans to expand its operations in Venezuela as part of the administration's push to increase Venezuelan oil production. The White House also unveiled a separate deal involving North American Blue Energy Partners, granting them 100-year concessions to 17 oil fields in Venezuela. The Pentagon's Office of Strategic Capital will receive a 35% equity stake in NABEP's corporate parent.