Chevron is increasing imports of Venezuelan crude oil to its U.S. refineries, including a key facility in Pascagoula, Mississippi, in an effort to help ease gasoline prices during a global oil supply squeeze linked to the Iran war.

A senior Chevron executive said the company is running the refinery continuously and using shipments of heavy Venezuelan oil to expand supply and reduce costs for consumers.

One tanker alone carrying about 400,000 barrels is enough to keep the refinery supplied for several days, highlighting the growing scale of these imports.

The move follows a shift in U.S. policy that has eased sanctions on Venezuela, allowing American firms like Chevron to resume and expand oil trade under strict conditions, CBS News has reported.

Chevron says the increased supply benefits both U.S. consumers and Venezuela by boosting revenue and stabilizing energy markets.