June 12, 2026
Fitch Ratings in their assessment said it correctly when it said that the world needs Venezuelan oil back on the market.
Oil may hit $110 a barrel before the end of the summer which means higher prices at the pump. The price per barrel is now at roughly $95, so whatever it is you are paying at the pump now add another $1 or $1.50 on that a gallon.
The absence of Venezuelan oil has created an extraordinary situation and opportunity to put more supply back on the market and keep prices lower, which will have ripple effects through other parts of the economy.
The way the former Nicolas Maduro regime decimated the Venezuelan oil sector to the extent that it is moribund. We had even forgotten that Venezuela has one of the largest oil reserves in the world.
We need a Venezuelan government with a focus on the oil sector back in the seat of power in that country immediately. There needs to be a revival of the Venezuelan oil sector, post haste.