Trump Now Eyeing Venezuela Oil to Shield America From Price Crunch

The rise in fuel prices isn't just affecting the United States. It's a global problem, with the ongoing conflicts in the Middle East holding crude oil prices at over a hundred dollars a barrel. Here in the United States, this is translating into high prices for gasoline and diesel fuel at the pump, along with raised prices for home heating oil and natural gas.

President Trump, who is hoping to help Republicans retain their majorities in Congress, is aiming his efforts at bringing those prices down as quickly as possible.

To bolster supply, the administration has turned its focus to South America, working to ease sanctions on Caracas and facilitate higher oil exports. According to reports by The Wall Street Journal, easing restrictions on Venezuelan crude could direct hundreds of thousands of additional barrels per day to U.S. Gulf Coast refineries, helping offset supply disruptions from the Middle East. 

According to a Bloomberg analysis, Venezuelan crude is flowing into the United States at the highest levels since 2017. Last week, imports from the country capped out at around 800,000 barrels per day, Javier Blas, Bloomberg’s energy and commodities columnist, said.

Bolstering supply is always good, and many of the United States' Gulf Coast refineries are already well-equipped to handle heavy Venezuelan crude. But refining capacity is still an issue; the United States has not been building new refineries to keep up with increasing demand for gas, oil and other petroleum products.

The administration is working on increasing domestic supply, as well.

Domestically, the White House is pushing to maximize domestic oil production by cutting regulatory hurdles. For example, the Department of the Interior moved to accelerate environmental reviews and fast-track drilling permits on public lands and offshore sites, with administration officials maintaining that expanding domestic output is key to keeping pump prices low.

The problem remains refining capacity, which takes much longer to significantly increase. So, gas and diesel fuel prices remain very visibly high. Democrats, meanwhile, have resurrected an old trick employed by Republicans during the Biden administration.

To defang Democrats' claims on this issue, here's what the administration and Republican candidates have to point out: During the four years of the Biden administration, gasoline prices were higher than in President Trump's first or second terms, and there was no Iran war while befuddled old Joe Biden was in the White House. During President Trump's first term, the average gasoline price was $2.47 a gallon, compared to $3.10 a gallon so far in his second term; but during the Biden years, that average was $3.51 a gallon. Republicans also have one more arrow in their energy quiver.

Researchers at the Federal Reserve Bank of Dallas concluded in a study earlier this year that the United States’ energy independence puts it in a far better position to absorb potential oil shocks compared to other countries. While U.S. supply does little to reduce global oil prices, it ensures that domestic shortages impacting other countries are unlikely here.

Those of us who remember the gas lines and rationing of the 1970s know one thing: Gasoline prices may be higher than we'd like, but here in the USA, we can still get gasoline, and all of it we need. That's not the case everywhere.

Of course, the best thing for global and American fuel prices would be to bring the war with Iran to an end as quickly as possible. It's belaboring the obvious that this will be a major issue in the upcoming midterm elections, and it's not working to the GOP's favor.

As of this writing, oil prices are more or less stable but still high, with American crude (USOIL) trading at 100.68 and UK Brent (UKOIL) crude trading at 103.41.

Editor’s Note: The 2026 Midterms will determine the fate of President Trump’s America First agenda. Republicans must maintain control of both chambers of Congress.

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