White House Is Said to Be Unlikely to Restrict Venezuelan Crude

10 Jul 2017   USA, Venezuela

The Trump administration is unlikely to ban imports of Venezuelan crude even as it considers a slate of sanctions on the country’s energy sector, said a person familiar with those White House deliberations. U.S. officials have not made any decisions on what, if any, sanctions may be imposed on Venezuela, but they have serious concerns about the impacts of a crude embargo on domestic gasoline prices and the economy as a whole, said the person, who requested anonymity because the decision hasn’t been announced yet. The administration’s caution comes as refiners lobby in Washington against the move, which would choke off supplies to U.S. refineries reliant on Venezuelan crude, including those owned by Valero Energy Corp., Phillips 66 and Chevron Corp. The American Fuel and Petrochemical Manufacturers, the largest association of U.S. refiners, has urged Secretary of State Rex Tillerson, Commerce Secretary Wilbur Ross and other cabinet […]

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