DETAILS: $7B Venezuelan oil deal could ease gas prices

. >> GREAT TO HAVE YOU WITH THAT. UPDATE, THANK YOU SO MUCH. WE HOPE IT GETS BETTER QUITE. SOON. >> CHEVRON ANNOUNCING A MAJOJOR. EXPANSION OF ITS OPERATIONS IN. THE OIL RICH COUNTRY OF. VENEZUELA. IT COMES AS THE WHITE HOUSE. PITCHES VENEZUELAN CRUDE IMPORTS. AS A WAY TO TRY AND BRING DOWN. PRICES RIGHT HERE AT HOME. FOR MORE ON THIS WE'RE JOINED BY. CONNOR HANSON, JOINING US LIVE. AT THE WHITE HOUSE ON THE NORTH. LAWN. >> WE ARE EXPECTING ENERGY. SECRETARY CHRIS WRIGHT TO MAKE. AN ANNOUNCEMENT LATER TODAY FROM.

VENEZUELA. HE IS DOWN THERE WITH A. DELEGATION THAT INCLUDES U.S. OIL COMPANIES LIKE CHEVRON THAT. PLAN TO MAKE MAJOR INVESTMENTS. IN THE COMPANY. >> INVESTMENT IN THESE DEALS. WILL MASSIVELY GROW AVAILABLE. OIL PRODUCTION WHICH WILL GIVE. DOWNWARD PRESSURE ON OIL PRICES. >> CHEVRON SAYS IT HAS BEEN. ASSIGNED MORE -- MORE LAND. ITS JOINT VENTURE PLANS TO. INVEST MORE THAN $7 BILLION IN. THE NEXT FIVE YEARS AND MORE. THAN DOUBLE PRODUCTION TO MORE. THAN 600,000 BARRELS A DAY.

A U.S. OFFICIAL SAYS SEVERAL. OTHER DEALS WITH U.S. COMPANIES. HAVE BEEN IN THE WORKS AS WELL. PRESIDENT TRUMP ALREADY. ANNOUNCED THE U.S. IS GAINING. ACCESS TO 65 BILLION BARRELS. WORTH OF OIL RESERVES, WORKING. THROUGH A VENEZUELAN OIL. PRODUCER. THE WHITE HOUSE SAYS THAT WOULD. BE USED TO REFILL THE STRATEGIC. PETROLEUM RESERVE. YESTERDAY, PRESIDENT SAT DOWN. WITH MAJOR U.S. REFINERS AND. DISTRIBUTORS TO DISCUSS WAYS TO. BOOST REFINING CAPACITY HERE IN. THE U.S. WITH THE GOAL OF.

BRINGING DOWN GAS PRICES. >> THE BIGGEST RIGHT NOW IN. GASOLINE AND DIESEL PRICES IS. REFINING CAPACITY HERE. PRESIDENT TRUMP MET TODAY WITH. THE LEADERS OF AMERICAN. REFINING. WE ARE DOING EVERYTHING WE CAN. TO HELP INCREASE THE PRODUCTION. OF GASOLINE AND DIESEL TO DRIVE. PRICES DOWN. I THINK WE WILL SEE SOME. DOWNWARD PRESSURE COMING IN THE. NEXT FEW WEEKS. >> THESE COMPANIES WILL LIKELY. BE PRESSED ON THE TIMELINE FOR. THESE NEW INVESTMENTS. SOME ANALYSTS WARN IT COULD TAKE. YEARS TO REVITALIZE VENEZUELA'S.

AGING INFRASTRUCTURE. >> Bill: WE WILL STAND BY FOR. THE PRESSURE.