By Samira Hussain, Business correspondent, and Nathalie Jimenez, Pascagoula, Mississippi u2014 BBC Business
The Minerva Gloria is docked at a wharf in the Mississippi Sound, not far from the USu2019s vast oil reserves in the Gulf of Mexico. The ship, 820ft (250m) long, painted navy and burgundy, is carrying precious cargo from Venezuela that, just six months ago, would have been impossible to bring to the USu2014400,000 barrels of crude oil.
Venezuela has the worldu2019s largest oil reserves. Under Venezuelau2019s former president Nicholas Maduro oil exports had dropped significantly, due to a lack of investment. Then came US sanctions against any imports from the Latin American country.
But US President Donald Trump vowed to tap those reserves after the US military captured Maduro in a surprise, night-time raid in January.
Now the oil is flowing again in Venezuela. In March, the countryu2019s monthly crude exports surpassed one million barrels per day. The first time since September.
As the world reels from the impact on global energy prices caused by Iran blocking the Strait of Hormuz, big oil and gas companies like Chevron are now importing Venezuelan crude oil by the shipload.
u201cItu2019s a big deal not only for Chevron but the entire Gulf region,u201d says Tim Potter. He is the director for Chevronu2019s oil refinery in Pascagoula, Mississippi, the companyu2019s largest operation in the US. It is also the only major US oil company currently operating in Venezuela.
Together this means that Chevron can extract its own Venezuelan oil, process it itself, and get it directly to the US consumer.
u201cItu2019s a pretty big incentive for us to run it,u201d Potter says. u201cThe refinery was really designed, and we invested in the refinery, to run heavy oils like from Venezuela.u201d
Venezuelan crude oil is relatively cheap to buy because it is much more difficult to process. It is very heavy, thick, dark and high in sulfur, often called a sour oil. It is used to make diesel, gasoline (petrol), jet fuel and other products.
Chevron now imports the equivalent of 250,000 barrels of Venezuelan crude oil per day, on average, says Andy Walz, president of downstream, midstream and chemicals at Chevron.
u201cWe think we can take that up another 50% so call it somewhere around 350,000 to 400,000 barrels a day of just the Chevron share of our position in Venezuela.u201d
What Walz means by the USu2019s u201cposition in Venezuelau201d is that while Chevron is the only US company that has extracting capabilities in the country, others are buying Venezuelan oil from domestic producers.
Chevron is also not the only player when it comes to oil refining in the US. There are 132 refineries in the US that run on a mix of crude oils. And nearly 70% of US refining capacity runs most efficiently with heavier crude.
The US imports very little oil from the Middle East, roughly 8% in 2025. The increase in imports from Venezuela means there is more oil available, which should translate to cheaper gasoline prices for US drivers.
u201cThe United States imports almost no oil through the Hormuz Strait, and wonu2019t be taking any in the future, we donu2019t need it,u201d said US President Donald Trump in his primetime address last week.
But just a few miles from the Chevron refinery, at a Chevron fuel station, prices at the pumps continue to increase.
u201cI hate it,u201d says David McQueen, retired Vietnam veteran who depends on social security for his livelihood. u201cThe price has got to go down because Iu2019m going down with it.u201d
When asked why he still pays so much to fill up his car despite being surrounded by the USu2019s vast oil reserves, McQueen believes the government is sitting on it u201cto keep the prices up.u201d He adds: u201cWeu2019ve got plenty of gas.u201d
One pump over, Donna fills her tank with $30 (u00a323) worth of fuel. u201cIu2019m driving less and spending less on other things.u201d Her grandchildren live a few hours away, but she doesnu2019t see them as often because it has become too costly. u201cYou gotta do what you gotta do.u201d
The average price for a gallon of gasoline in this part of Mississippi is still cheaper than the national average, according to the American Automobile Association motoring organization. Before the war in Iran, gas was almost $1 cheaper.
In that same evening address, President Trump extolled the USu2019s oil producing capabilities. u201cWe are the number one producer of oil and gas on the planet, not to mention the millions of barrels we are getting from Venezuela.u201d
But access to those vast oil reserves hasnu2019t yet meant lower prices for Americans. Thatu2019s because the US is just as susceptible to global oil market fluctuations as other countries. u201cWhile weu2019re able to still get crude available here to this refinery because of our relatively local supply, the overall pricing of that crude has gone up because itu2019s based off of world markets,u201d says Potter.
But Chevron believes its bet on Venezuelan crude will end up benefitting consumers. The Iran war is just currently masking the gains.
u201cWhen things do get back to normal, that additional supply out of Venezuela will actually translate to lower prices for Americans. So it will in the future, but it isnu2019t having an impact now,u201d says Walz.