Venezuela sanctions could bring higher gas prices to U.S.

28 Jul 2017   Venezuela

U.S. sanctions on Venezuelan oil could have an impact on gasoline prices because of import restrictions. File photo by Brian Kersey/UPI July 27 (UPI) — Tightening sanctions on Venezuela could result in blowback on the U.S. economy by way of higher oil and gasoline prices, sector analysts said. The U.S. Treasury Department sanctioned 13 current and former government officials in Venezuela for their role in Venezuelan President Nicolas Maduro ‘s efforts to silence his opponents. Maduro’s move could be strengthened after elections scheduled for Sunday. “Anyone elected to the National Constituent Assembly should know that their role in undermining democratic processes and institutions in Venezuela could expose them to potential U.S. sanctions,” Treasury Secretary Steven Mnuchin said in a statement . Tightening sanctions further could strike a blow to the Venezuelan economy as energy represents about 95 percent of its export economy. The World Bank stated that Venezuela is […]

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