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Hormuz Oil Flows Improve as Venezuela Investment Grows, but Gas Relief Lags
Energy Secretary Chris Wright said 17 million barrels passed through the strait Monday, while Chevron plans more than $7 billion in Venezuelan investment.
- On Wednesday, President Donald Trump claimed the United States controls the Strait of Hormuz, asserting: "We have controlled and we are controlling the Hormuz Strait. We are bringing lots of boats out every day with millions of barrels of oil."
- Energy Secretary Chris Wright visited Venezuela Wednesday, meeting President Delcy Rodriguez as Chevron announced plans to invest more than $7 billion over five years to roughly double production to about 600,000 barrels per day.
- Wright reported 17 million barrels of oil passed through the strait Monday, the highest volume since the war began. Separately Wednesday, Trump proposed renaming the waterway the "Trump Strait," with the White House later posting a map using the proposed name.
- Despite these supply efforts, GasBuddy petroleum analyst Patrick De Haan reported national diesel prices reached about $5.71 per gallon Wednesday, roughly 11 cents below the record. De Haan warned, "Virtually everything in this economy moves with diesel."
- De Haan cautioned that geopolitical tensions have lingered for six months with "very little concrete sign of any resolution," and Venezuelan production increases will take several years to noticeably impact prices. "But it will take a significant amount of time," De Haan said.
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Hormuz oil flows improve as Venezuela investment grows, but gas relief lags
Increased oil flows through the Strait of Hormuz and billions of dollars in new investment in Venezuela are giving the Trump administration new reasons for optimism, but experts say neither is likely to bring significant relief at the pump anytime soon.
·Jackson, United States
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September 2, 2026.- President Trump's highly promoted oil agreement in Venezuela will require—as agreed by all parties—a capital investment of about $100 billion in the coming years to build the infrastructure needed to extract oil and...
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Total News Sources31
Leaning Left0Leaning Right1Center29Last UpdatedBias Distribution97% Center
Bias Distribution
- 97% of the sources are Center
97% Center
C 97%
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