By Megan Cerullo
Updated April 14, 2026 / 6:20 PM EDT / CBS News
Chevron’s stepped-up imports of Venezuelan crude are helping to 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 run its Pascagoula, Mississippi, refinery continuously to process the Venezuelan shipments.
Walz said the additional barrels are intended to blunt price pressure as the war in Iran tightens global oil availability and pushes U.S. gasoline to its highest levels since 2022. A tanker carrying roughly 400,000 barrels of Venezuelan crude is scheduled 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, also noting the imports bring revenue to Venezuela.
Earlier this month, the U.S. administration lifted sanctions on interim Venezuelan President Delcy Rodríguez 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 relaxed restrictions to encourage U.S. investment in Venezuela’s oil sector, allowing American firms to spend on infrastructure and production.
Walz stressed the need for affordable, reliable energy and continued investment in refining and production capacity, warning that without the Venezuelan supply 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, turning off lights and choosing more efficient vehicles — while Chevron expands its Venezuelan operations. This week Chevron and Venezuela announced two deals to boost production, 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.”