Best of the Spectator Americano: does America really need Venezuela's oil?
Jan 13, 2026
Freddy Gray chats with Robert Bryce, an energy writer and analyst known for his insights on oil and electricity policy. They dive into America's strategic interests in Venezuela's heavy crude, highlighting its significance for US refineries. Bryce discusses the challenges of restoring Venezuela's oil industry amid regime corruption and the necessity of transforming electricity and security before any oil recovery can occur. He connects these issues to broader geopolitical dynamics, particularly concerning competition with China and Russia in the Western Hemisphere.
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Oil As The Core Strategic Commodity
- Oil is the base of power for many countries and remains the world's single most important commodity.
- The US intervention in Venezuela is fundamentally about control of that oil, not just possession.
Crude Quality Dictates Refinery Demand
- Not all crude is interchangeable: US refineries on the Gulf Coast need heavy sour crude to maximize diesel and jet fuel output.
- US light sweet production doesn't match that refining profile, so imports of heavy crude remain economically important.
Chevron's Long Venezuela History
- Chevron has operated in Venezuela since 1923 and US firms helped build its oil capacity through PDVSA.
- Decades of political purges under Chávez and Maduro hollowed out technical expertise and precipitated production collapse.