The US refinery now processing Venezuelan oil

Chevron is now importing 250,000 barrels of crude per day from Venezuela. The US refinery now processing Venezuelan oil Venezuelan oil is flowing to the US again. But will it lower petrol prices? Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. Copyright current_year BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking. A US flag outside Chevron's oil refinery in Pascagoula, Mississippi Watch: Venezuelan oil is flowing to the US again. But will it lower petrol prices? Splitscreen. Left, the Chevron oil refinery. Right, Samira Hussain holds a jar of oil. The Minerva Gloria is docked at a wharf in the Mississippi Sound, not far from the US's vast oil reserves in the Gulf of Mexico. The ship, 820ft (250m) long, painted navy and burgundy, is carrying precious cargo from Venezuela that, just six months ago, would have been impossible to bring to the US - 400,000 barrels of crude oil. Venezuela has the world's largest oil reserves. Under Venezuela's former president Nicholas Maduro oil exports had dropped significantly, due to a lack of investment. Then came US sanctions against any imports from the Latin American country. . Under Venezuela's former president Nicholas Maduro oil exports had dropped significantly, due to a lack of investment. Then came US sanctions against any imports from the Latin American country. But US President Donald Trump vowed to tap those reserves after the US military captured Maduro in a surprise, night-time raid in January. But US President Donald Trump vowed to tap those reserves after the US military captured Maduro in a surprise, The vast Minerva Gloria oil tanker transported 400,000 barrels of Venezuelan crude to the US The vast Minerva Gloria oil tanker docked at a wharf in the Mississippi Sound Nicolás Maduro gestures during a ceremony in Caracas on 1 December, 2025. He is wearing a red-and-white striped shirt and a re baseball cap. He has lifted one arm in the air. Who is running Venezuela after US forces seized Maduro? A man walks past a mural depicting an oil pumpjack, or 'nodding donkey' on a Venezuelan flag in the country's capital Caracas Trump eyes Venezuela visit – but obstacles to his oil plan remain Venezuela's interim leader Delcy Rodríguez speaks into a microphone during a meeting with US Interior Secretary Doug Burgum, on 4 March. She is wearing a red jacket and black-rimmed glasses. US lifts sanctions on Venezuelan interim leader Delcy Rodríguez A satellite view of the Strait of Hormuz, with a thin stream of dark blue water flowing around a sharp point of arid land jutting into it. Why the Strait of Hormuz matters so much in the Iran war Now the oil is flowing again in Venezuela. In March, the country's monthly crude exports surpassed one million barrels per day. The first time since September. As the world reels from the impact on global energy prices caused by Iran blocking the Strait of Hormuz, big oil and gas companies like Chevron are now importing Venezuelan crude oil by the shipload. "It's a big deal not only for Chevron but the entire Gulf region," says Tim Potter. He is the director for Chevron's oil refinery in Pascagoula, Mississippi, the company's largest operation in the US. It is also the only major US oil company currently operating in Venezuela. Together this means that Chevron can extract its own Venezuelan oil, process it itself, and get it directly to the US consumer. "It's a pretty big incentive for us to run it," Potter says. "The refinery was really designed, and we invested in the refinery, to run heavy oils like from Venezuela." Chevron director Tim Potter says that Venezuelan oil will eventually mean a fall in the price of US gasoline Chevron director Tim Potter looks at the camera while wearing a hard hat Venezuelan crude oil is relatively cheap to buy because it is much more difficult to process. It is very heavy, thick, dark and high in sulfur, often called a sour oil. It is used to make diesel, gasoline (petrol), jet fuel and other products. Chevron now imports the equivalent of 250,000 barrels of Venezuelan crude oil per day, on average, says Andy Walz, president of downstream, midstream and chemicals at Chevron. "We think we can take that up another 50% so call it somewhere around 350,000 to 400,000 barrels a day of just the Chevron share of our position in Venezuela." What Walz means by the US's "position in Venezuela" is that while Chevron is the only US company that has extracting capabilities in the country, others are buying Venezuelan oil from domestic producers. Chevron is also not the only player when it comes to oil refining in the US. There are 132 refineries in the US that run on a mix of crude oils. And nearly 70% of US refining capacity runs most efficiently with heavier crude. The US imports very little oil from the Middle East, roughly 8% in 2025. The increase in imports from Venezuela means there is more oil available, which should translate to cheaper gasoline prices for US drivers. "The United States imports almost no oil through the Hormuz Strait, and won't be taking any in the future, we don't need it," said US President Donald Trump in his primetime address last week. "The United States imports almost no oil through the Hormuz Strait, and won't be taking any in the future, we don't need it," said US President Donald Trump in his Chevron's oil refinery in Pascagoula, Mississippi, was designed to process the heavy oil found in Venezuela Chevron's oil refinery in Pascagoula, Mississippi But just a few miles from the Chevron refinery, at a Chevron fuel station, prices at the pumps continue to increase. "I hate it," says David McQueen, retired Vietnam veteran who depends on social security for his livelihood. "The price has got to go down because I'm going down with it." When asked why he still pays so much to fill up his car despite being surrounded by the US's vast oil reserves, McQueen believes the government is sitting on it "to keep the prices up." He adds: "We've got plenty of gas." One pump over, Donna fills her tank with $30 (£23) worth of fuel. "I'm driving less and spending less on other things." Her grandchildren live a few hours away, but she doesn't see them as often because it has become too costly. "You gotta do what you gotta do." The average price for a gallon of gasoline in this part of Mississippi is still cheaper than the national average, according to the American Automobile Association motoring organization. Before the war in Iran, gas was almost $1 cheaper. Donna says the high price of fuel means she is having to see her grandchildren less American driver Donna being interviewed as she fills her car with fuel In that same evening address, President Trump extolled the US's oil producing capabilities. "We are the number one producer of oil and gas on the planet, not to mention the millions of barrels we are getting from Venezuela." But access to those vast oil reserves hasn't yet meant lower prices for Americans. That's because the US is just as susceptible to global oil market fluctuations as other countries. "While we're able to still get crude available here to this refinery because of our relatively local supply, the overall pricing of that crude has gone up because it's based off of world markets," says Potter. But Chevron believes its bet on Venezuelan crude will end up benefitting consumers. The Iran war is just currently masking the gains. "When things do get back to normal, that additional supply out of Venezuela will actually translate to lower prices for Americans. So it will in the future, but it isn't having an impact now," says Walz. Employers added 178,000 jobs, far more than had expected, the Labor Department says. As gas prices rise, Trump's approval rating is heading into politically dangerous territory. Conservatives gathered at the annual CPAC conference in Texas were mixed when asked about their feelings on the current economy. Israel says Lebanon is not included in the ceasefire the US agreed to halt the war with Iran. Iran's deputy foreign minister says the US must choose between 'war and ceasefire'. The foreign secretary also calls for Lebanon to be "urgently included" in the ceasefire agreement. Only a few vessels have crossed the strait since the US-Iran ceasefire deal, according to BBC Verify analysis. Motoring groups have warned drivers not to expect a significant drop in costs soon.