The sanctions the U.S. slapped on Venezuelan oil last week are playing havoc with the tankers that ship crude around the world, and throwing energy prices off-kilter in the process. Last Monday, the U.S. imposed sanctions on Venezuela’s state-owned oil company Petroleos De Venezuela S.A. (PDVSA for short) in an attempt to starve the regime of Nicolas Maduro of the money he needs to cling to power. The sanctions effectively froze all of PDVSA’s assets in the U.S. and require that any money made in deals between the company and U.S. firms be held in escrow accounts that will be inaccessible as long as Maduro remains in power. In addition to making it harder for Venezuela to export oil, the sanctions also […]