Trump accepting 1 million barrels of Venezuelan oil during Texas visit

President Donald Trump and Secretary of State Marco Rubio are set to accept an oil tanker carrying Venezuelan crude to Texas, an event organized to tout the administration’s efforts to revitalize the South American country’s oil industry, increase supply to the United States, and bring down prices.Trump confirmed the visit to reporters on Tuesday ahead of his trip to the Lone Star State, where he will campaign for Republicans on the ballot in the November midterm elections, and said the tanker is carrying 1 million barrels of Venezuelan oil.“We took over Venezuela very successfully, and they’ve sent me as a gift a boatload of a million barrels of oil, and I’m giving that to the United States of America,” Trump said. “We’re going to accept a million barrels of oil, and I’m going to give it to you people to use it the way you want,” the president continued, adding that oil prices “are going to be dropping very sharply, very soon.”High oil and gasoline prices have complicated many Republican campaigns in this midterm cycle, as domestic crude prices remain above $100 a barrel and prices at the pump are averaging above $4.25 a gallon.While the White House has acknowledged that prices are high, Trump has insisted that markets and consumers will see relief as soon as the war in Iran ends — a promise he has repeatedly made since the conflict began in late February.Trump has, in part, indicated that prices will fall due to increased imports of crude and other petroleum products from Venezuela, which has seen an uptick in production since the ousting of dictator Nicolas Maduro and recent investments from U.S. oil and gas firms.Imports to the U.S. have significantly risen over the last few months, hitting more than 24 million barrels in July, the highest level since 2017, according to data released by the Energy Information Administration.During a September visit to Caracas, Energy Secretary Chris Wright said these increased oil flows to the U.S. would lower prices at the pump in about one to two years.GOP TAX CUT SALES PITCH TO VOTERS UNDERCUT BY IRAN AND GAS PRICESHowever, many outside experts have warned that it could take even longer to feel a meaningful effect, as it could take years to build out the amount of refining capacity necessary to process such an increase in Venezuelan imports.Trump has attempted to accelerate the construction and modernization of U.S. refineries by invoking the Defense Production Act. Just last week, the president authorized roughly $150 million in DPA funding for expanding domestic refining capacity.