Why the US, the world's top oil producer, wants Venezuela's oil, too

Group 1: U.S. Oil Production and Refining Needs - The U.S. leads the world in oil production, pumping more than it consumes, yet still requires Venezuelan crude due to the specialization of Gulf Coast refiners in heavy crude [2][4] - U.S. oil producers primarily extract light crude, while nearly 70% of U.S. refining capacity operates most efficiently with heavier crude, leading to 90% of U.S. oil imports being heavy sour crude [3][4] Group 2: Venezuela's Oil Reserves and Potential - Venezuela possesses the world's largest proven oil reserves, estimated at 303 billion barrels, primarily consisting of extra-heavy crude, surpassing Saudi Arabia's 267 billion barrels [4] - Securing a significant portion of Venezuelan heavy crude could reduce U.S. dependency on other countries for this type of oil, enhancing energy security and enabling increased exports of refined products like gas and diesel [4] Group 3: Industry Dynamics and Challenges - The U.S. Gulf Coast refineries are recognized as the best globally for refining heavy crude, and there is a noted shortage of heavy crude worldwide, indicating strong demand from private industry if permitted [5] - Building new light crude refineries in the U.S. is financially prohibitive, with costs potentially reaching billions of dollars and requiring extensive time for permitting and construction [6]