News about Venezuela

Chevron hit a record closing high of $222.04 on Oct. 14 and is trading about a dollar below that, up 45% in 2026. Brent crude is just under $106, 46% above its level before the war in the Persian Gulf, and Chevron is positioned to benefit from a Venezuela deal giving the U.S. control of more than 65 billion barrels of proven reserves, as it was the only American major to keep operating there after 1999. The company is also expanding in the Eastern Mediterranean, with seismic work planned off Greece. Second-quarter net income reached $12.1 billion, nearly 400% above a year earlier, beating estimates by $0.50 a share at $6.06. The author believes the stock is still a buy, with 20 of 25 covering analysts rating it Buy or Strong Buy ahead of the Oct. 30 Q3 report.

In this episode of A People's Climate, host Shilpi Chhotray speaks with John Beard Jr., a former refinery worker of 38 years who founded the Port Arthur Community Action Network. The conversation follows the massive March 2026 explosion at the Valero refinery in Port Arthur, Texas, and links global oil decisions, including U.S. policy on Venezuelan oil, petrochemical expansion and demand for plastics, to local pollution and health risks. They examine who benefits from the fossil fuel economy, who bears its risks, and what a just transition away from fossil fuels would require to protect workers and communities.