From PBS NewsHour.

The Treasury Department is easing sanctions on Venezuela’s state-owned oil company, trying to tame the rise in oil prices brought on by the Iran war. The move authorizes the entity, known as PDVSA, to sell Venezuelan oil to U.S. companies and on global markets.

But there are limitations. Venezuela won’t be able sell oil to Russia, Iran, North Korea and some Chinese entities. And according to the Associated Press, the U.S. will control the cash flow from the transactions by a special account.

This comes as Americans are now paying, on average, $3.84 for a gallon of regular. That’s the highest since 2023.

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