By Megan Cerullo
Updated on: April 14, 2026 / 6:20 PM EDT / CBS News
Chevron’s increased imports of Venezuelan crude are helping ease fuel costs for American drivers, a senior company executive told CBS News. Andrew Walz, Chevron’s president of global refining, said the company has been operating its Pascagoula, Mississippi, refinery continuously to process Venezuelan oil.
Walz said the additional supply is intended to blunt price pressure as the war in Iran tightens global oil availability and lifts U.S. gasoline prices to their highest levels since 2022. A tanker carrying roughly 400,000 barrels of Venezuelan crude is slated to supply the Mississippi refinery for about four days. “This ship is lowering prices in America because we have access to a new supply point that we didn’t have previously,” Walz said, adding the imports also deliver revenue to Venezuela.
Earlier this month, the Trump administration lifted sanctions on interim Venezuelan President Delcy Rodriguez as part of efforts to restore ties with Caracas. The policy change followed a U.S. operation that removed Rodríguez’s predecessor, Nicolás Maduro, and his wife in a military raid three months earlier. Since Maduro’s ouster, the administration has loosened restrictions to encourage U.S. investment in Venezuela’s oil sector, permitting American companies to spend on infrastructure and production.
Walz emphasized the importance of affordable, reliable energy and the need for continued investment in infrastructure and production capacity. He warned that without Venezuelan oil, Americans would likely face higher pump prices: “Less supply means higher prices,” he said. AAA reports the national average for a gallon of gas is $4.12, up from $2.98 just before the Iran conflict.
Walz also urged consumers to conserve energy—cutting unnecessary driving, flipping off lights, and choosing more efficient vehicles—while Chevron expands its Venezuelan operations. The company and Venezuela announced two deals to boost production this week, and Walz said Chevron plans to increase output in the country by about 50% over the next few years.
Edited by Alain Sherter
Watch more of Andy Walz’s interview Wednesday on “CBS Mornings.”