Venezuelan crude oil worth $2.8 billion could reach Texas refineries next week following Trump's announcement of 50 million barrels heading to Gulf Coast.

Most of the state's 15 crude oil refineries were built specifically to process the heavy sour crude that comes from Venezuela and turn into products like diesel, fuel oil and asphalt.

Refinery in Benicia won’t produce gasoline after the spring, but plans to import gas to supply California’s hungry market.

Valero will idle its Benicia refinery beginning in 2026 while continuing to supply Northern California with gasoline through imports and existing inventories, according to Gov. Gavin Newsom’s office.

Gulf Coast refineries could soak up more heavy crude, though global competition looms and a reliable supply increase may be years away.

Two years after Marathon Petroleum filed for major air-permit renewal for El Paso oil refinery, TCEQ finally holding meeting to hear public views.

Refineries in Texas and along its Gulf Coast could get a boost from Venezuela's heavy crude. But oil producers might hesitate to get involved in the country while its future remains uncertain.

B.C. Premier David Eby wants Canada to prioritize building refineries, arguing it would keep more value at home, reduce reliance on U.S. buyers, and cut exposure to global supply disruption

The government will work to "maximise" the number of jobs saved when Lindsey Oil Refinery is taken over by a neighbouring business, the energy secretary has said. Phillips 66 agreed to buy the site on Monday, seven months on from the collapse of previous owner Prax Group, but said it would not restart refining operations.

Set against the picturesque Rocky Mountains is a city-like maze of metal and fire, where towering flare stacks glow against the dark. A deep industrial hum drifts through the night, lulling nearby residents to sleep as its presence gnaws at their health.

As President Trump presses U.S. oil companies to reenter Venezuela, investors weigh what it could mean for the global economy. CBS News MoneyWatch correspondent Kelly O'Grady reports.