President Donald Trump is promising to unleash Venezuelan oil production, but it’s not clear when or if a surge of new supplies could reach U.S. refineries.
That’s because years of underinvestment and unpredictable political conditions — as well as low oil prices and a complex web of exports — complicate plans in the South American country.
Secretary of State Marco Rubio told ABC News this week that the appetite for Venezuelan crude is strong, with U.S. refineries well-equipped to handle the more viscous oil. And the Trump administration is calling on U.S. companies to make investments in Venezuela even while they help churn out record amounts of crude back home.
While refineries along the Gulf of Mexico were configured to handle Venezuelan crude, there’s been “very little Venezuelan crude to be had” over the past couple years, said Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security think tank.
