Trump sees US oil giants driving Venezuela oil rebound. Energy execs are wary.

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19. Citgo still has a big retail footprint and about 4% of the US refining capacity

Their 3 refineries are built to handle heavy, "sour" crude. I don't know where they are getting this crude from because there have been sanctions against Venezuela for decades. This was the whole reason for the Keystone Pipeline. The Canada oil is also heavy, and they wanted to send it to Citgo's refineries, which were built for that. I guess they are now transporting it by rail.

Citgo is in the process of a corporate restructure that was not have any Venezuelan ownership. However, they would probably be able to refine Venezuelan oil transported by tanker. But that still leaves a supply/demand issue. Light, sweet crude is about $60/bbl, and that's very low. The Venezuelan stuff would probably be worth $45/bbl. It is not clear any oil company would want to take any of this at today's prices. Much of the last 20 years, the bbl price for light, sweet was around $100. That is to say, if Trump just handed the oil fields to one of his friends, they might want to pump as fast as they can and take it to the US gulf coast for refining because their product cost is zero. But this would drive down everybody else's prices.