Oil

COMMENTARY The rotting effects of Venezuela's long half century of oil corruption made its industry easy prey for Trump — whose real outrage is blocking the re-democratization that could fix that flaw.

Chevron is the largest foreign oil operator in Venezuela. The deal will expand its footprint at a time of political and economic uncertainty for Venezuela.

Oil giant Chevron is confirming that it is expanding its operations in Venezuela, just days after President Donald Trump announced an ambitious deal to develop the nation’s oil reserves and give the Pentagon a stake in the profits.

As part of the deal, the U.S. is creating a private company as a joint venture with North American Blue Energy Partners, owned by Venezuelan businessman Alejandro Betancourt.

The Trump administration announced a deal Friday to develop a vast amount of Venezuela's oil reserves, with the U.S. taking a majority stake. Energy experts say there are many reasons to be skeptical.

Besides a social media post from President Donald Trump, the White House has said little about what he is calling “THE BIGGEST OIL DEAL IN WORLD HISTORY” in Venezuela.

The announcement of the deal comes nearly nine months after the U.S. military at Trump’s direction carried out an operation to capture Venezuela’s president Nicolás Maduro and spirit him to the United States to face federal narcoterrorism and drug trafficking charges.

Venezuela’s acting President Delcy Rodríguez has arrived in the Netherlands to defend her country’s claim to a mineral- and oil-rich region in western Guyana before the United Nations highest court in a dispute that has spanned decades.

Exploratory oil drilling off the coast of Brazil's Amazon rainforest are reshaping life in Oiapoque, a small city in the poor state of Amapa that is receiving thousand of migrants looking for work.

Haiti's government says it is implementing new austerity measures as the war in Iran disrupts critical oil supplies and drives up prices worldwide. Officials in the troubled Caribbean country imposed a ban on the purchase of any new vehicles, will reduce fuel expenditures for public institutions and said foreign travel will be limited to essential missions authorized by the prime minister.

President Donald Trump says he has "no problem" with a Russian oil tanker off the coast of Cuba delivering relief to the island, which has been brought to its knees by a U.S. oil blockade. When asked if a New York Times report that the tanker would be allowed to reach Cuba was true, Trump said: "I told them, if a country wants to send some oil into Cuba right now, I have no problem whether it's Russia or not."

Drivers have experienced historic sticker shock as they've filled up their tanks since the U.S. and Israel began military action against Iran. Floridians have paid higher prices in the past, but rarely have experienced such sudden price hikes. The same goes for gas station owners.