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Venezuelan oil reboot not expected to spur windfall in Texas

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Venezuelan oil reboot not expected to spur windfall in Texas


With former Venezuelan President Nicolás Maduro out of power, President Trump said he wants to reboot the oil industry in Venezuela. 

That idea has raised questions about whether it could cause a price spike at the gas pump and a downturn in the Texas oil patch region. 

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Now, a spike at the pump and a production slump in the Texas oil patch may not happen this year, but with oil prices down, a budget crunch for state lawmakers may be waiting when they return to Austin in 2027.

What they’re saying:

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The situation in Venezuela is creating a lot of political uncertainty, but a Texas energy expert said he is not expecting that uncertainty to cause an oil patch crash or a gas pump pike in 2026.

Prices at the pump are low and despite some recent big swings, up and down, analysts say 2026 could see the lowest prices since the pandemic. That prediction has people like Dale Owens cautiously optimistic.

“Things change so drastically nowadays. I mean, look what’s happening with the government, so anything can affect the price. But right now I’m really happy that it’s stable,” said Owens.

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There are big reasons for that local gas price stabilization, and it predates the leadership change in Venezuela, according to Ed Hirs, an Energy Fellow at the University of Houston.

“The first is that the president has asked MBS (Saudi Crown Prince Mohammed bin Salman) and OPEC nations to continue pumping a pace. Number one. Number two, this helps hamstring the Russian economy and its war effort. And that’s also one of the goals of not only the European Union, but of the Trump administration. And number three, we’ve got the midterm elections coming up,” said Hirs.

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The price of a barrel of oil is expected to increase slightly because of the uncertainty regarding Venezuela. Texas crude oil production, according to an update released Monday, was stable in December, but state data also showed drilling permits for 2025 were at 369 and that’s down from 459 in 2024.

“When President Trump took office, oil was about $80 a barrel, today it’s under $60 a barrel. We are the high-cost producers in the global commodity oil market, and the cost of drilling these wells has gone up by between 5% and 12%, primarily because of Trump’s steel tariffs. Not only does the imported steel now cost a lot more, but domestic producers raise their So the producers in West Texas and across the Permian Basin are getting squeezed by much lower revenues, $20 a barrel less and much higher cost. It’s not a good capital investment for Wall Street,” said Hirs.

Dig deeper:

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The oil industry remains a big part of the Texas economy and the state budget. State lawmakers will return to Austin in 2027 to crunch numbers for a new two-year budget.

“I think they need to be looking at the budget. So the state comptroller needs to be running the numbers now based on lower oil revenues, not only for state lands, for example, for the universities, but for the state tax receipts. And that applies to the counties and cities that rely on these revenues to keep their budgets balanced. It’s going to be lower for longer,” said Hirs. 

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There are also doubts about whether the Texas refineries will get a financial windfall if the Trump Administration is able to reboot the oil industry in Venezuela. There are about six refineries in Texas and Louisiana that can process the heavy crude that is located in Venezuela.

“Well, it might help keep them open. But Lyondell just closed down a 100-plus-year-old heavy crude refinery on the Houston Ship Channel because it just doesn’t make any sense to reinvest in it. And it was going to require $750, $800 million of new capital investment just to keep the plant operating at par,” said Hirs.

What’s next:

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Stocks for several oil companies did increase on Monday. Chevron, at one point, had a 10% stock price surge, mainly because Chevron is the only U.S. company operating in Venezuela. Other energy-related companies also saw an increase, like Exxon, as well as industry suppliers like Baker-Hughes and Halliburton. 

The action on Wall Street came after President Trump said he wants energy producers to pay for the oil production rebuild. Hirs described the administration’s plans as being “naive.”

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Past attempts to rebuild another country’s oil infrastructure seem to back up the doubts raised by Hirs. In 1989, after the Soviet Union collapsed, companies like Exxon went in to rebuild — only to get kicked out later by the Russians. Hirs also noted the rebuilding effort in Iraq, started by President George W. Bush, hasn’t returned production there to pre-war levels. And it’s the same story for Libya, which was done under President Obama.

The Source: Information from interviews conducted by FOX 7 Austin’s Rudy Koski and previous coverage

AustinTexas PoliticsDonald J. Trump
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Austin, TX

Abbott unveils monument dedicated to Texas Revolutionary War soldiers

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Abbott unveils monument dedicated to Texas Revolutionary War soldiers


AUSTIN (KXAN) — Governor Greg Abbott and the Texas Society Sons of the American Revolution unveiled a new monument at the Texas State Cemetery on Saturday, dedicated to Texas Revolutionary War soldiers.

“We must educate every generation about why it is that America grew from a tenuous 13 colonies into the most powerful country in the history of the world,” said Governor Abbott. “This monument here is an enduring testament to the heroes who fought for the freedom that is unique to America.”

The monument was dedicated to 69 soldiers who fought in the American Revolutionary War and later settled in Texas, according to a press release.

Among those that were honored, Abbott recognized:

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  • José Santiago Seguín, grandfather of Texas Revolutionary hero Juan Seguín.
  • Peter Sides, who fought in the 2nd Battalion of the North Carolina Regiment of the Colonial Army, and was later killed in the 1813 Battle of Medina, fighting for Mexican independence against Spain.
  • Antonio Gil Y’Barbo, the founder of Nacogdoches.
  • William Sparks, who fought as a mounted rifleman in the American Revolution and later settled in Texas. He had two sons and two grandsons who fought in the Texas Revolution.

“This year marks the 250th anniversary of the American Revolution, which not only gave freedom to the British colonies of North America, but inspired movements for freedom and liberty all over the world,” said TSSAR President Mel Oller. “Texans played a role in the war too, and it’s important to recognize them, and the sacrifices they made for our freedom.”

At the monument unveiling, Abbott was also inducted into the Sons of the American Revolution and received its Silver Good Citizenship Medal.



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Trinket trade boxes on the rise across Austin

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Trinket trade boxes on the rise across Austin


AUSTIN, Texas — Inside a green wooden box mounted to a steel fence, a treasure trove of trinkets awaits. Just a few miles north is another goodie box, this time covered in leopard print and inside a craft studio. Farther east, a simple white trinket box sits mounted on a wooden pole, decorated with stars and a crow saying, “Thanks for visiting!”

These boxes, filled to the brim with stickers, keychains, jewelry, collectibles and more, are known as trinket trade boxes. Austin has seen a sudden surge in these boxes over the last few months, and despite their varying locations, one sentiment ties them all together: trinket trading is a fun way to bring a bit of joy to the community.

“Little things that bring people joy is so important right now, which I think a lot of us can agree with, and I’ve seen all sorts of people use the box so far,” said Anna Arocha, whose trinket box is in The Triangle neighborhood downtown. “Little kids and all the way up to people in their 50s and 60s, I’ve seen stop by.”

Trinket trading operates on a simple system of take something, leave something. People can swap a toy car for a lanyard, a bracelet for a Sonny Angel, or a Pokémon card for a rubber duck.

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“There was somebody who was just walking by with their kid in the stroller, and there was a finger puppet inside of the box, and I saw her swap something out and walk away with the little finger puppet,” Arocha said. “And it was just such a cute moment to see a mom and a kid enjoy something like that.”

Arocha put her crafting skills to work and made her green wooden box in just one day using craft wood and a wine crate last month. Amy Elms opted for a small, white junction box to ensure it could withstand harsh Texas weather. Ani’s Day & Night on East Riverside, which has a large outdoor space for picnic tables and food trucks, gave Elms permission to place her trinket box on their property in January.

Ally Chavez used her own property, Create! Studio ATX on West Anderson Lane, for her leopard-print box that opened in March.

“There wasn’t a ton up here in the north area, so we just kind of wanted to put it together and put it up for the studio just as a way to connect with the community in a way that no one has to spend money,” Chavez said.

Since their debuts, all three trinket boxes have garnered thousands of interactions on social media. When Arocha posted about the opening of her box in March, she racked up 100,000 views on TikTok. But with the excited comments came a bit of negative attention, and her cameras caught a thief trying to take all the trinkets. Arocha now locks the box at night.

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“If somebody wants to do that, so be it,” Arocha said. “We can start over, and if the joy that it brings outweighs that every time, I think it’s worth doing.”

Arocha, Elms and Chavez’s boxes are now registered on a website called Worldwide Sidewalk Joy, alongside all the others in Austin and across the globe, as trinket trading grows to become a kind of new, modern geocaching.

“Honestly, it’s been I think even better than I expected so far,” Elms said. “I’ve had people… visiting Austin from out of town, and they’re making it a stop during their visit. I’ve also had multiple people reach out to me to ask how they can start their own trinket trade box, too, which I really love.”





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Forbes designates University of Texas as a ‘new’ Ivy school for third year in a row

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Forbes designates University of Texas as a ‘new’ Ivy school for third year in a row


AUSTIN (KXAN) — Forbes on Friday released its annual list of ‘New Ivies,’ and the University of Texas at Austin made it. This is not UT’s first time on the list; it was included in 2024 and 2025.

It’s important to note the Forbes designation does not make UT an Ivy League School. Schools currently designated as Ivy League are Brown University, Columbia University, Cornell University, Dartmouth College, Harvard University, Princeton University, the University of Pennsylvania, and Yale University.

Forbes argued its list was created because a growing number of employers have said they are less likely to hire an Ivy League grad today compared to five years ago. The list is curated by surveying over 100 C-Suite and hiring executives, as well as using data from the 2024 National Center for Education Statistics to gauge if a school fulfilled the criteria to be on the list.

One respondent said instead of prestige, employers are looking for graduates who have “complex emotional intelligence, radical adaptability and visionary creativity to orchestrate AI tools rather than compete with them.”

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Forbes said colleges had to meet three criteria to be considered, which included:

  • Size: Private schools must enroll at least 3,000 students, and public colleges must have at least 4,000 students enrolled.
  • Selectivity: All but one private college had an admission rate of less than 15%; public college admission rates were 50% or less.
  • Testing Requirements: At least half the entrants must have submitted either the SAT or the ACT scores

Forbes argued testing requirements indicated academic rigor, as a result. Schools such as the University of California and California State schools were not considered.

When it came to UT meeting the requirements for the list, UT had an undergrad enrollment of 44,663 students with a 27% acceptance rate. When it came to test scores, it had a median SAT score of 1390 and a median ACT score of 31.

For a full list of the public and private schools included in the Forbes 2026 New Ivies list, click here.



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