RE: Who has the oil??30 Dec 2025 20:46
It is more complex than the infographic shows: the US has loads of light sweet crude oil [from fracking shale formations] and this oil is best suited for making petrol for vehicles. The US needs sour, heavy oil to make diesel and jet fuel, and refineries were built in Texas and Louisiana to process the Venezuelan heavy oil. In the last 10 years imports from Venezuela have dropped from over 1 million barrels a day to around 100k a day, so these refineries are having to pay more to buy from elsewhere and then pay extra to transport the oil further.
You can see why Trump wants a reliable source of cheap heavy oil... cheaper diesel and jet fuel and less geopolitical risk. And the current blockade has forced US diesel prices up; Trump will want them back down before the midterm elections.