Venezuelan oil flows will lower gas prices in 12-24 months, Wright says in Caracas
CARACAS, Venezuela — Energy Secretary Chris Wright said the Trump administration’s efforts to increase oil production in Venezuela would yield lower gas prices for Americans in one to two years, a timeline elongated in part due to the need to build more refiners capable of processing the heavy Venezuelan crude.
TL;DR
- Energy Secretary Chris Wright believes increased Venezuelan oil production will lower U.S. gas prices in 1-2 years.
- The timeline is extended due to the need for more refineries to process heavy Venezuelan crude.
- Wright stated the administration is ahead of schedule and ahead of plan regarding these efforts.
- He expressed confidence that Americans will 'feel' the impact of the deal within 12 to 24 months.
- Wright was in Caracas to negotiate major oil deals with the Venezuelan government.