Trump Turns to Socialist Venezuela As Gas Prices Bite Ahead of Midterms
Summary
President Donald Trump said he will welcome a tanker carrying 1 million barrels of Venezuelan crude oil to Texas, calling it a gift and saying it could help lower fuel prices. An energy expert said the shipment is too small to noticeably affect U.S. gasoline prices, which averaged $4.27 per gallon, as Trump campaigns for Republican Ken Paxton ahead of the midterms.Key Facts
- Trump said the Venezuelan oil shipment would be processed at U.S. refineries.
- Trump said the delivery would come at no cost to taxpayers and predicted gasoline and diesel prices would fall.
- The national average for regular gasoline was $4.27 per gallon on Tuesday, according to AAA.
- The gasoline average was down from $4.48 a month earlier but up from $3.05 at the same time last year.
- Columbia University energy expert Luisa Palacios said U.S. refiners process about 17 million barrels of crude per day, making the shipment roughly 6 percent of one day’s input.
- Palacios said the shipment was unlikely to have a noticeable effect on U.S. gasoline prices.
- Trump planned to visit Corpus Christi and Lubbock to support Republican Senate candidate Ken Paxton in his race against Democrat James Talarico.
- The Conference Board said consumer confidence rose 7.5 points to 91.7 in October, from 84.2 in September.
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