More Venezuelan oil is coming to the U.S. Here's what that means for gas prices.

January 17, 2026

TL;DR

The Trump administration has completed the first sale of Venezuelan oil to the U.S., valued at $500 million.
Economists are divided on the potential impact of Venezuelan oil on U.S. gas prices.
Venezuela's current oil production is significantly lower than in the late 1990s/early 2000s due to underinvestment, corruption, and sanctions.
U.S. refineries, particularly on the Gulf Coast, need a mix of light and heavy crude oil, with Venezuela possessing large reserves of heavy crude.
An increase in Venezuelan oil production could create competition with Canadian oil, potentially lowering prices for refineries and consumers.
Experts caution that a flooded market with excessively low crude prices could lead to reduced domestic production, refinery closures, and job losses in the U.S.

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