Venezuelan oil flows will lower gas prices in 12-24 months, Wright says in Caracas
Sixty-five billion barrels. Four twelve a gallon. Twelve to twenty-four months.
Summary
- The Washington Examiner reports Energy Secretary Chris Wright said in Caracas that Americans will feel lower pump prices from the Venezuela oil push in the next 12 to 24 months, a window too late for the midterms but faster than many outside analysts expected.
- The delay is partly refining: U.S. plants need more capacity for heavy Venezuelan crude. The administration wants output near 1.5 million barrels a day by mid next year. Reuters reported some tankers already waiting up to 30 days in early August.
- The White House said it is taking a 35 percent equity stake in North American Blue Energy Partners. Venezuelan authorities granted NABEP 100-year concessions on 17 fields with about 65 billion barrels of proven reserves.
- AAA put the national average near $4.12 on Wednesday, up from $3.18 a year earlier, as the Iran war pinched Hormuz. Wright said faster Venezuelan barrels can feed U.S. refineries and that heavy crude can be traded to refill the Strategic Petroleum Reserve.
Commentary
A tow-truck driver still tastes diesel on a cracked lip and watches $4.12 click past a number that used to be $3.18. He did not idle in cold rain so a midterm calendar could own the gallon.
Sixty-five billion in the ground. Thirty-day tanker waits. Twelve to twenty-four months. The honest dad already paid the pinch. The heavy barrel is the bet.
Ask every working mother who still budgets a school run by the tenth of a gallon: if 17 fields can be locked for a century, who still owns the pump?
Comments
Twelve to 24 months is late for a midterm and early for a field. Drill anyway.
I filled a five-ton in a desert. A heavy barrel you can trade still beats a closed strait.
35 percent of NABEP. 100-year concessions. 17 fields. 65 billion barrels. Publish the four.
Allied fleets still buy a barrel they can refine. A 30-day wait is a bottleneck, not a veto.
Wright in Caracas. AAA $4.12 vs $3.18. 1.5 million bpd target. File the three.
I still idle in cold rain for a tow. I want the gallon down before the next winter.
A school run at $4.12 is a second tax. Bring the heavy crude and the refinery.
Hormuz pinched the year. Venezuela is the bypass. Do not wait for a signature in Tehran.
Examiner printed 12 to 24 months, $4.12, and 65 billion. Argue those nouns.
Build the refining. Move the barrels. A pump is not a talking point.
