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Gulf Coast refiners fear loss of Venezuelan oil

Source: - Aug 9, 2017

Texas' Gulf Coast refineries are struggling to adjust to falling supplies of Venezuelan crude oil, and stronger U.S. sanctions that would cut supplies from the South American nation would disrupt refining operations here and cause U.S. fuel prices to spike nationwide.

Venezuela, riven by a political and economic crisis, is the third-largest exporter of oil to the United States, and most of the Gulf Coast refineries in Texas and Louisiana are configured to process the more dense and sulfurous oil from nations like Venezuela, rather that the lighter and sweeter crude from booming Texas shale. After a recent election that was widely derided as moving the country toward dictatorship under President Nicolás Maduro and followed by the arrests of opposition leaders, the Trump administration froze the U.S. assets of Maduro and some of his key allies.


Category: General Business