Disruptions to oil shipments through the Strait of Hormuz have sent energy prices soaring this year, contributing to record-high diesel prices and higher costs at the pump for American consumers. As the United States looks to offset lost Middle Eastern supply, attention is shifting to Venezuela, home to more than 17% of the world's proven crude oil reserves.
Following January's Operation Absolute Resolve, efforts to revive Venezuela's oil industry have gained momentum. On Aug. 31, the White House announced an agreement with North American Blue Energy Partners outlining up to $100 billion in potential investments to develop 17 oil fields containing approximately 65 billion barrels of proven reserves.
