Price at the Pump: How Could Changes In Venezuela Impact Oil

Oil prices started 2026 right where the left off in 2025. Patrick DeHaan with Gasbuddy.com said this is nothing new. He noted oil prices have held steady, below $60 a barrel for West Texas Crude, for months.

“There's still a lot of oil on the global market from OPEC. We've continued to see U.S. refineries digesting a lot of that crude oil, which caused gasoline and distillate, or diesel and heating oil supplies to surge last week by millions of barrels," DeHaan said. "That's great news for consumers. With gasoline and diesel supplies increasing, we continue to see the U.S. average price for gasoline at its lowest level since 2021.”

DeHaan added diesel prices nationwide have fallen as well, to now $3.49 per gallon.

What Impact Will Venezuela Have On Oil?

Much of this was set into motion before the United States entered Venezuela over the weekend, arresting Nicolas Maduro. Going forward, DeHaan says Venezuela will be a top topic of conversation when it comes to oil prices.

“Certainly, all eyes on Venezuela and what will develop here in the days and weeks ahead," DeHaan said. "A lot of uncertainty over what the future could look like, and it's going to be contingent on what President Trump outlines in terms of leadership in Venezuela. Will leadership be more friendly to the West? Will it solicit investment for its oil sector? There's a lot of questions yet to be answered from that regime shift.”

As far as other international issues that could move the oil price needle, DeHaan said talks between Russia and Ukraine are now on the backburner.