Prices will be going down and eyes will be on the gougers. USA Oil Companies are working with the oil issues and I commend them for it.

After years of steep decline under sanctions, U.S. refineries began receiving Venezuelan crude again in early 2026 under a formal U.S.-Venezuela oil arrangement and selective sanction rollbacks: U.S. refiners including Valero planned significant cargoes, U.S. government officials announced a deal to import Venezuelan oil, and U.S. import data show a measurable uptick in deliveries.

https://www.foxbusiness.com/politic...asury-dept-keep-them-honest-spike-prices

I'll be honest, I'll believe it when I see it. Fox is there to keep one team happy, CNN is there to keep the other team happy. What you hope to be getting from Venezuela per day in time isn't even 10% of what comes from Canada each day so call me skeptical when I say that I cannot see a giant impact. The total amount they produce per day is 1/20 of what you use per day.

I believed we took Venezuela for this reason and expected us to go into Iran, before we did. It puts us in better shape in fuel production than any other nation, especially adversaries, such as China.

Keith

So, commenting on the article you linked, not the excerpt you quoted (not sure where that came from as I didn't see it in the article)...... if I'm understanding it right..... it's saying that the government is prepared to strongarm private businesses into pricing their product at the price the government feels it should be set at as opposed to what the market dictates..... to..... make the government look good???

And.... you find this to be a good thing?

Probably not a good thing overall but when there is no shortage and prices are set to pay almost as much as countries that import everything plus when Trump attacked Iran gas and diesel shot up 50 percent in a day and a half maybe you're paying 2.99 yet but here 4.19

Like when it was announced "beef is to high" and the govt had a plan to fix it, how'd that work out?

While there may not technically be a shortage of oil, there is certainly a supply disruption. A reduction of 10 million barrels a day certainly has an effect on the global price of crude. And you do realize that crude IS priced globally, right? Ironically, the U.S imports roughly 10 million barrels a day. The only country that imports more crude than we do is China. So, basically, the entire amount of crude that we import in a day, is the same amount that is no longer going into the global supply due to Hormuz.

So, while we may import only 40% of the crude/petroleum that we consume, the actual number in barrels is slightly MORE than the amount in barrels that the EU imports collectively (~9 million barrels/day), despite the fact that they import 95% of the crude they use.

So, just because we import less crude percentage-wise than the EU does, doesn't mean that we import less physical crude than they do............

If the tree huggers would get out of the way and refineries could be built, I bet the need to import oil would be drastically reduced.

But not in my backyard.

Actually, by my math, it's closer to 1/100 of what we use per day. We consume ~ 20 mil barrels per day, and will be importing ~200k barrels/day from Venezuela.

The point is .gov manipulates the price of oil through environmental regulation no matter who's backyard it is in.

We export something like 55% of our domestically produced oil due in large part to tree huggers not allowing refineries to be built, and in many cases forcing closures of operational ones due to regulatory constraints and policies. Go figure…. Drill and build baby!!!

Oh, I think if it made sense a good place for a new refinery would be Asheville, NC. The liberal people of Asheville complain about their local power plant all the while enjoying their AC units.

Below is a link that discusses some of the issues regarding our oil production and our refinery capacity and why a lot of our oil produced here is not economical to refine here.

Bryce

https://www.fuelstreamservices.com/why-the-u-s-cant-use-the-oil-it-produces/

I have heard the oil we import is low grade for building roads, tar and fake fur. We export high grade for fuels
We are paying more at the pump now, but it is still there. China is not getting it, or as much as they want.
I think our President and advisors just might have a plan. ???

Absolutely nothing to do with gas prices. US doesn’t have a shortage in fact we started selling to other countries. Issue is prices on the WORLD MARKET. Sets the price globally. Do you really think the gas they are selling at 4 bucks a gallon was produced from crude they paid 100 bucks a barrel? Nope big oil is making hundreds of billions of dollars this quarter instead of hundreds of millions.

Not the tree huggers ad much as big oil. Used to be mom and pop refineries everywhere in Tennessee and Ky. Big oil bought them or had law makers regulate them out of business.

There is a shortfall of 16 million barrels a day from the Middle East. Currently there are 120 tankers headed around the Cape of Good Hope headed for the Gulf of Mexico/America, whatever. They are not going to fill them up without the price at the pump going up. Diesel at the cardlock yesterday was 7.48. Recession or depression here we come.