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Latin Times
Latin Times
Politics
Mateo Moreno

Venezuelan Crude Is Quietly Cushioning U.S. Gas Prices as the Iran War Drags On

People react to the news of the capture of Venezuelan President Nicolas Maduro, after US military actions in Venezuela this morning, in Doral, Florida, near Miami on January 3, 2026. US President Donald Trump said Saturday that the United States will "run" Venezuela and tap its huge oil reserves after snatching leftist leader Nicolas Maduro out of the country during a bombing raid on Caracas. Trump's announcement came hours after a lightning attack in which special forces grabbed Maduro and his wife, while airstrikes pounded multiple sites, stunning the capital city. (Credit: Photo by GIORGIO VIERA / AFP via Getty Images)

MIAMI — Nearly six months into the war pitting the United States and Israel against Iran, American drivers are still shelling out well above what they paid before the fighting began. But according to one of the nation's largest refiners, the pain at the pump would be worse without an unexpected assist: oil from Venezuela.

Regular gasoline is running $4.07 a gallon nationally this week, still inflated ever since Iran moved to choke off traffic through the Strait of Hormuz — a passage that under normal conditions handles roughly a fifth of the planet's oil shipments. Florida isn't spared either: state prices are hovering near $3.92 a gallon as of this week, a modest reprieve from the national figure but still nowhere close to the roughly $3-a-gallon prices Floridians saw before hostilities broke out.

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