Conflicting outlooks on crude oil ban

CARACAS, Venezuela - The Trump administration's decision Aug. 9 to slap sanctions on eight members of Venezuela’s powerful constitutional assembly brings a total of 30 government loyalists targeted for human rights abuses and violations of democratic norms since anti-government protests started in April. As the list grows, economic sanctions have yet to materialize amid an outcry by the U.S. oil industry that a ban on petroleum imports from Venezuela - third-largest supplier to America - would hurt U.S. jobs and drive up gasoline prices at the pump. The oil industry is finding allies in Congress, particularly lawmakers from states that process Venezuela's heavy crude. Six Republican congressmen from Louisiana, Mississippi and Texas recently wrote a letter warning Trump that the ban would do harm to the U.S. There are some 525,000 refining-related jobs along the Gulf Coast. However, a Wells Fargo Securities energy report claimed: “We do not believe there would be significant impact on retail prices to U.S. consumers given that the net availability of worldwide crude oil volumes would be unchanged." (Source: NOLA.com 08/09/17)