WASHINGTON — The United States is exploring a deal with Venezuela for oil amid soaring energy prices after Russia’s invasion of Ukraine. But that doesn’t mean Americans will see an immediate impact on gas prices at the pump, experts say.
Even if President Joe Biden chooses to ease sanctions on its oil sector, Venezuela won’t be able to turn the spigots back on overnight.
Biden announced on Tuesday that the United States would ban the import of all Russian oil and gas over its war in Ukraine. Last year, the United States imported roughly 675,000 barrels of Russian oil a day — the equivalent of Venezuela’s entire production capacity.
