Chevron’s 400,000-Barrel Venezuelan Tankers Lower US Gasoline Prices
Chevron is shipping 400,000-barrel Venezuelan crude tankers to Mississippi’s Pascagoula refinery and running about 100,000 barrels per day of heavy crude. Executives cite the new supply point as lowering US gasoline costs, which average $4.17 per gallon while Brent crude trades near $110 per barrel.
1. Chevron’s Venezuelan Crude Imports
Chevron is the only US oil company operating in Venezuela, shipping 400,000-barrel crude tankers to its Pascagoula refinery in Mississippi. The company is currently processing about 100,000 barrels per day of heavy Venezuelan crude.
2. Pascagoula Refinery Capacity Utilization
The Pascagoula refinery can process up to 330,000 barrels per day of heavy crude, so the current Venezuelan shipments represent roughly 30% of its capacity. This feedstock supports production of gasoline, diesel, jet fuel, LPG and petrochemicals.
3. Impact on US Gasoline Prices
By accessing Venezuelan crude, Chevron aims to ease domestic supply constraints and reduce production costs. US retail gasoline averages $4.17 per gallon as Brent crude hovers near $110 per barrel, and Chevron executives expect the new supply point to help moderate price increases.