The United States has reached a new oil agreement with Venezuela as officials look for ways to ease pressure on fuel prices, but GasBuddy petroleum analyst Patrick De Haan says any impact on Wisconsin drivers is likely years away.
“A refinery is not built overnight and oil production capabilities are not increased overnight,” De Haan said. “It’s going to take a few years at least to start building up that capacity and so the Venezuela oil deal is nothing that’s going to impact your gas prices, not tomorrow, not next week, or next month, not even next year.”
De Haan told Wisconsin’s Midday News that gas prices have dipped recently, but geopolitical tensions involving Iran and Ukranian attacks on Russian refineries could offset the usual post-Labor Day relief from lower demand and the switch to winter-blend gasoline.
