US predicts 'enormous' BENEFITS from VENEZUELA OIL partnership

Venezuelan oil production is up 25% and exports have climbed 50% in eight months, according to Energy Secretary Chris Wright, who said the gains are already sending more crude to American refineries.

Wright also promised even bigger benefits for consumers over the next few years.

"The faster Venezuelan production grows, the faster it goes into U.S. refineries. We also see opportunities to grow refining capacity from existing assets right here in Venezuela," he said on Wednesday. "So, the progress to lower oil prices in the United States, of course, it goes on every day, every week. The long-term benefits will be enormous. And the short-term benefits will be as great as we can, but we are ahead of schedule, ahead of plan, and I'm confident in the next 12 to 24 months the progress here and the progress Americans will feel will be tremendous."

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