COLORADO SPRINGS, Colo. (KOAA) — The Trump administration says $500 million worth of Venezuelan oil is headed to the United States, part of a broader push to tap into some of the world’s largest oil reserves.
Venezuela holds the largest proven oil reserves globally, and some experts say that supply could eventually help lower fuel costs and ease inflation.
At gas stations across Colorado Springs, some drivers say they’re already seeing modest changes at the pump.
“I drive a lot, and I’m definitely seeing cheaper gas prices,” said Clay, a local driver.
Another driver, Thomas Harley, said prices do appear to be trending down, but he’s curious whether the trend will last in the long term.
“They’ve got the most stockpiled reserves of any country by far,” said Scott Van Ness, a Professor of Supply Chain Management at the University of Colorado Colorado Springs.
Van Ness says Venezuelan oil is especially valuable because it is heavy crude, a type of oil processed by refineries in states like Texas, Louisiana and Mississippi.
“It’s going to jump-start refineries in those areas because they specialize in processing thick, heavy crude,” said Van Ness.
Van Ness says that additional supply could help keep fuel prices lower and slow inflation over time.
“Fuel is a major part of every consumer’s market basket,” said Van Ness. “This could have a real positive impact on inflation and help continue bringing prices down.”
Still, any benefits may take months to materialize, Van Ness says. Refineries typically shut down for maintenance in February, which often pushes prices higher.
Van Ness says the added Venezuelan crude could help keep reserves elevated. It could potentially lead to lower gas prices in 2026.
For now, drivers say they’re watching closely to see whether the new supply brings lasting relief at the pump.
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