Jill on Money with Jill Schlesinger Could Operation in Venezuela Impact Gas Prices?
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Jan 6, 2026 The discussion dives into Venezuela's massive oil reserves and their potential impact on global prices. Jill highlights that despite Venezuela holding 20% of the world's crude oil, immediate price changes for U.S. consumers aren't expected. She explores the challenges of extracting this oil and the uncertainty surrounding whether U.S. companies will invest. Additionally, the hosts touch on mortgage rates and consumer behavior, emphasizing the importance of financial planning amidst market volatility.
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Hosts' Holiday Sick Spell And CBS Call
- Jill and Mark got sick over the holidays after a rainy day in New York and joked about being ground zero for illness.
- Jill described chopping onions and getting a call to appear on CBS Mornings about Venezuela.
Big Reserves, High Extraction Costs
- About three quarters of Venezuela's 303 billion barrels are expensive to extract and refine.
- Turning reserves into cash requires multi-year infrastructure and investment from companies.
Venezuela Reserves Won't Lower Prices Soon
- Venezuela has enormous crude reserves but most are costly and hard to extract.
- Short-term U.S. gas prices will not change despite political events in Venezuela.