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Wright: U.S. refineries will take majority of Venezuelan crude; 'revenue... will go to Venezuela'
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Summary
Energy Secretary Chris Wright said U.S. Gulf Coast refineries will take the majority of Venezuelan crude from tankers and that the revenue from sales will go to Venezuela; he claimed broader U.S. benefits but gave no legal or quantity details.
Energy Secretary Chris Wright said the United States will take and sell oil from Venezuelan tankers and that the proceeds from those sales will go to Venezuela.
Wright told an interviewer that American refineries on the Gulf Coast — including facilities in Louisiana and Texas — were built and tuned for Venezuelan crude and are "very anxious to get more of that Venezuelan crude into their refineries." He said the U.S. would "take the majority of Venezuelan exports" and sell it on the global market, adding that European and Asian refineries would also buy the oil.
When asked how much revenue goes to Venezuela versus the United States, Wright replied plainly: "The revenue from the sale of that oil will go to Venezuela." He also said the imports would yield U.S. benefits including lower prices for gasoline, diesel, jet fuel and asphalt and broader geopolitical effects, arguing the policy could help reduce criminality and limit the influence of foreign adversaries in the hemisphere.
The interview included no details about the legal authority, ownership status of specific tankers, quantities involved, timelines for shipments, or commercial contracts. Those operational, legal and accounting specifics were not specified in the remarks.
