Chevron's stepped-up imports of Venezuelan oil are helping ease fuel prices for U.S. consumers, according to a senior executive with the energy giant.

Andrew Walz, Chevron's president of global refining, told CBS News that the company is running its Pascagoula, Mississippi, refinery around the clock to process crude from Venezuela.

Walz said Chevron is moving to curb prices for consumers as the war in Iran constrains global oil supplies and pushes U.S. gasoline prices up to their highest level since 2022.

A tanker carrying 400,000 barrels of Venezuelan crude will supply Chevron's Mississippi refinery for four days. The oil imports are helping both "bring revenue to Venezuela, and it's helping Americans," Walz said.

"This ship is lowering prices in America because we have access to a new supply point that we didn't have previously," he added.

The Trump administration earlier this month lifted sanctions on interim Venezuelan President Delcy Rodriguez as the U.S. seeks to rebuild ties with the country's government. The move came three months after U.S. forces seized Rodriguez's predecessor, Nicolás Maduro, and his wife in a military raid.

Since Maduro's removal from power, the Trump administration has sought to incentivize U.S. investment in Venezuela's oil sector, rolling back sanctions to allow American oil companies to spend on infrastructure and production.

"I think the lesson is that energy really matters, and it needs to be affordable and reliable. And that's why we have to keep investing in infrastructure, investing in capabilities, and companies like Chevron need to keep finding these products and getting them to their customers," Walz said.

Always be conserving
Without access to Venezuelan oil, Americans would be paying higher prices at the pump, according to the Chevron exec.

"Less supply means higher prices," Walz said.

The average price for a gallon of gas in the U.S. is $4.12, up from $2.98 just before the Iran war, according to AAA.

With U.S. energy costs surging, meanwhile, Walz also encouraged motorists and consumers to take steps to conserve.

"People do need to conserve energy. We should always be conserving energy, whether it's your light switch or the miles you drive or what kind of car you buy," he said. "So I would encourage everybody to try to conserve, hang in there and hopefully prices will be coming down soon."

Chevron and Venezuela this week announced two deals to expand oil production in the country. Walz said that Chevron plans to expand production in Venezuela by 50% over the next few years.

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