U.S. Expected To Ramp Up Oil Output From VENEZUELA

A gas pump displays fuel prices at a gas station in Miami, Florida, on July 19, 2022. - US gasoline prices have fallen from historic highs earlier in the summer, a retreat highlighted by a politically beset White House as a sign of moderating inflation. President Joe Biden took to Twitter to point out that prices at the pump have fallen for more than a month, saving the average driver about $25 a month. Gasoline prices are now at a national average of $4.495 per gallon, down 10 percent from a month ago but up 42 percent from the year-ago level, according to the American Automobile Association. (Photo by CHANDAN KHANNA / AFP) (Photo by CHANDAN KHANNA/AFP via Getty Images)

At a glance

  • Chevron Corp. could win U.S. approval to vastly expand operations in Venezuela as soon as Saturday.
  • Both Venezuelan parties and U.S. officials are pushing to hold talks in Mexico City this weekend.
  • The United States this year has kept oil prices from soaring by releasing more than 200 million barrels of the nation’s emergency oil reserves. But those releases are due to end soon.

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