Why More Venezuelan Oil Won't Solve America's Gasoline Problem The news out of Venezuela has been touted as a game changer for America's gasoline market: President Trump announced that the US had secured majority control over Venezuelan oil fields, promising significantly lower prices "long into the future.
" However, this promise is less about solving our current fuel woes than perpetuating a decades long myth about the relationship between domestic oil production and consumer costs.
Experts have long debunked the notion that an influx of new oil supplies will automatically translate to cheaper gasoline.