Joe Gavazza

If America has all this oil, why are gas prices going up?

🚨Big Moves in Venezuela: Chevron & Shell Ink Major Oil & Gas Deals as the Country Rebuilds Post-Maduro Say, remember all those Trump critics claiming Big Oil would never want to invest in the post-Maduro Venezuela? I know it's shocking, but, well, those critics were wrong. In a big step for Venezuela’s energy sector, @Chevron has signed two key agreements to expand its footprint in the Orinoco Belt, while @Shell prepares to finalize a separate gas deal. These moves come after the U.S.-backed $100 billion reconstruction plan, Maduro’s removal, and sweeping reforms to Venezuela’s oil law earlier this year. Here are the highlights: • Chevron’s Strategic Asset Swap: The U.S. major is relinquishing two gas blocks (including the coveted Loran offshore field with 7.3 Tcf) and a small western oil project, while gaining the Ayacucho 8 heavy crude area to add to its Petropiar project, allowing sharper focus on high-value heavy oil. • Stake Increase in Key JV: Chevron boosted its ownership in the Petroindependencia joint venture with PDVSA from 35.8% to 49%, strengthening its position in the Orinoco Belt. • Current Production Baseline: Chevron’s existing JVs with PDVSA are already producing ~260,000 barrels per day, roughly 25% of Venezuela’s total crude output. • Growth Outlook: Executives see potential for a ~50% increase in Chevron’s Venezuelan output over the next two years within its footprint. • Shell’s Upcoming Deal: Shell is set to sign later this week for development of the Loran gas field as a unified project with its Manatee field (extending into Trinidad & Tobago waters), advancing natural gas opportunities. Signed in Caracas in the presence of interim President Delcy Rodríguez, the deals were described by Chevron as “mutually beneficial” to consolidate focus on strategic assets. Rodríguez noted they will help “increase output and secure revenue for the benefit of the people.” These agreements signal accelerating foreign investment and production growth in Venezuela as sanctions ease and reforms take hold. It’s a win for U.S. energy companies positioning themselves in a recovering oil powerhouse. Why, it's almost as if President Trump, Energy Secretary Chris Wright, Sec. State Marco Rubio, and Interior Sec. Doug Burgum know what they're doing. Go figure. #Oil #Venezuela #Chevron #Shell #Energy reuters.com/business/energ…

Good evening @RepRoKhanna. We hope you had a nice Saturday. Several people have requested we comment on your post. We will quickly before we take Mrs. USOGA out for date night. First - like you, we hope this war will end soon and things will return to normal. Until then - things will be what they will be. But high gas prices in your district aren’t “Trump’s war”—they’re Sacramento’s doing. California drivers pay nearly double the national average in state taxes, plus cap-and-trade, Low Carbon Fuel Standard, unique reformulated gasoline, refinery limits, and geographic isolation that blocks cheap imports. That adds $1.00–$1.78+ over the U.S. average. Here is our suggestion. Your proposed windfall profits tax will do nothing to bring relief to your overtaxed and underappreciated constituents. Instead -suspend those state-level taxes first and bring California prices in line with the national average. Put your state bureaucracy on a diet. They could stand to shed a few pounds. Encourage California domestic oil and gas production and expand your refinery capacity instead of shutting it down. Stand up to your Governor. You know he is wrong and you can be on the right side of things And let's talk windfall profits tax. They don't work. While you don't call it a windfall profits tax, California recently passed one and called it a "wealth tax" now you see high net worth individuals fleeing your state. History proves it backfires. The 1980 Crude Oil Windfall Profit Tax cut domestic production 1–8% (hundreds of millions of barrels lost), boosted imports 3–13%, raised far less revenue than projected after deductions, created massive bureaucracy, and was repealed in 1988 because it discouraged supply exactly when America needed more. That in turn led us to depend even more on Middle East imports for another 20 years right up until the shale revolution occurred. Kind of like how California is dependent on imports now. Your repeated sponsorship of a new Big Oil Windfall Profits Tax Act would repeat the exact same mistake—shrinking U.S. output and raising costs. Crude exports? They expand global supply, narrow price spreads (WTI-Brent) which is exerts downward pressure on world prices. It is directly helping allies in Europe and Asia counter China's skirting sanctions and colluding with Iran to purchase crude at huge discounts. Restricting exports would tighten markets, spike costs everywhere—including here—and hurt the consumers you claim to protect. Finally we must also point out that your voting record shows consistent opposition to our industry you want to tax. For example, you: Voted against leasing more public lands and waters for oil drilling (2023, Roll Call 23). Voted against reversing land-management protections to open the Arctic National Wildlife Refuge (ANWR) to oil and gas drilling—multiple times, including 2025 Roll Call 295 and earlier efforts to halt ANWR development. Opposed critical oil and gas leasing reforms and fast-tracking fossil-fuel infrastructure (2024 Roll Call 95; 2025 votes undermining LNG authority and blocking fracking bans). Voted NO on NDAA provisions that would expedite oil/gas permitting (2022–2023). You have a 99% lifetime League of Conservation Voters score—near-perfect opposition to domestic energy exploration, production and leasing. You’ve led hearings attacking us and sponsored bills to repeal industry tax provisions. Fine—own that record. But please stop shifting blame to “Trump’s war” or federal policy while California’s own choices keep your constituents paying the highest pump prices in America. Real relief comes from more American supply + streamlined permitting, not recycled 1980s taxes or more restrictions. Energy abundance, not rhetoric, lowers prices and bolsters U.S. and allied security. Mrs. USOGA has instructed us to put the phone away so we will do that. Have a good weekend.

If you gave away $126 billion to subsidize free flights between LA and San Francisco at current demand levels, you could fund roughly 150 to 200 years of travel before the money runs out.

Tax refund update: 1. more refunds than prior years: 63MM vs 61.6MM 2. cumulative dollar amount bigger: $222BN vs $195BN 3. average refund 11% larger: $3,521 vs $3,170

Diesel Surges Above $8 In San Fran As Gulf Shock Exposes California's Disastours Policies zerohedge.com/commodities/di…

Jamie Dimon, CEO of JPMorgan Chase, says that US Government raising taxes doesn’t do anything to help the average American He says raising taxes does nothing because Congress just launders the money to their friends, special interest groups and “17,000 lobbying groups” “I don't know anyone, and you guys in the room, you might be Democrats, Republicans who thinks that sending another trillion dollars to Washington D.C will actually improve anything. So when you say raise taxes, if you said raise taxes and directly give it to the people who need it, do it. That does not happen. It goes to all these interest groups, and they give it to their friends and all that.” “Which is why the people are considered a swamp. It's kind of a swamp, the 17,000 lobbying groups. But bank companies are guilty too. They're just fighting for their one self-interest as opposed to what's good for my country”

@ChefGruel Isn’t CBS owned by the Ellison Family now? Times are changing

For years, you also covered for them.

The signal on manufacturing recovery is very strong. It is showing in payrolls.

If oil companies were gouging, they wouldn’t leave. Would be too profitable. Instead, California may face fuel shortages soon.

It’s time for a Taxpayer Revolt.

@mcuban First time I’ve agreed with you in a long time.

Why aren’t any of these at risk hospitals publishing their full accounting so everyone can see where they spend their money ? All but one group of hospitals that I have looked at potentially investing in, spend so much on consultants and fees that it’s no wonder they are at risk Plus, I have NEVER seen an industry that is worse than hospitals when it comes to buying medications and items like implants, screws, other devices. They overpay for everything. And then when you show them how to save money, their “supply chain” employees resist any change. They are so set in their ways, it’s a shock more don’t go out of business. Prove me wrong.

@chamath He’s going to be out of office in 6 months. Just campaign against his mini-me’s.

Impeach Newsom

Food for thought. While everyone is fixated on oil, almost no one is talking about what’s happening in natural gas. Over the past year, US natural gas prices have collapsed by more than 30%, easing costs for power generation, industry, and home heating. Yet mainstream media and Wall Street research have largely ignored this move, because it doesn’t show up at the gas pump, doesn’t fit the preferred “energy inflation” narrative, and flows through to consumers slowly via regulated utility bills rather than daily price signs on every corner. The result is a massive, under‑reported positive supply shock in a core input to the US economy that barely registers in the public conversation.

2/2 Remote Work Pfizer plans to shutter its South San Francisco research offices on April 30, ending its short tenure in the city. “All colleagues designated to the site will transition to remote roles." 164K SF office space over five floors at 181 Oyster Point Blvd. South San Francisco, California -Bisnow #commercialrealestate

One relatively new reason why high gasoline prices doesn’t bite as hard for households as pre-covid: 2x as many people are now working from home.

@KobeissiLetter Where does Goldman Sachs put the probability?

BREAKING: There is now a 37% chance that the US economy enters a recession by the end of 2026, per Polymarket. US oil prices are officially up +$50/barrel from their December 2025 low.

Hello Mr. Ford. You probably know that Nevada imports 85-90% of your refined products from California refineries. The same refineries that are being strangled by your close friend and political ally Governor Newsom. As everyone knows, Gov Newsom's California's CARB regs, low-carbon mandates & refinery crackdowns have spiked fuel costs for California drivers -- and now Nevadans. Yet you just sued the Trump Admin on March 19 to reverse their repeal of the the regulations that would lower costs of producing energy. Why are you fighting to keep heavy federal regs on fossil fuels & emissions that drive up energy costs? Why do you want to keep in place the same measures that drive up costs in California that Nevadans now have to pay for? Governor Lombardo has been warning Nevada voters about CA's failing energy policies. And just 10 days ago you sued to keep those failures in place. Interesting. We appreciate you sharing your views.

2 refinery closings makes the state ultra-reliant on imported fuel from giant diesel burning ships. That fuel now costs more due to the war. Pipelines into the state will happen but will probably be tied up in lawsuits and take a very long time. California left itself vulnerable to supply shocks and that’s exactly what we got.

Last month, the US shipped more chemicals via rail than any other time in history. With a week to go, March will break that number...