Potential U.S. Ban on Venezuelan Oil May Hit Valero Hardest

BloombergIf the U.S. bans oil imports from Venezuela, Valero Energy Corp. and Chevron Corp. may end up paying the price. The U.S. is considering a ban on oil imports from Venezuela and exports of petroleum products, but is wary of the damage to American companies, Secretary of State Rex Tillerson said Sunday. In addition to exporting oil to America, Venezuela’s state-controlled oil company Petroleos de Venezuela SA also exports jet fuel to the U.S., and imports Permian oil and diluent naphtha used to help Venezuelan oil transported by pipeline. …

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During the last several decades, the United States has invested billions of dollars in trying to help the governments of Latin America and the Caribbean deliver better lives for their citizens. This has meant helping them increase internal security by combating the illicit growing and trafficking in narcotics and the activities of terrorist groups, as well as helping them to shore up their democratic and free market institutions.

Unfortunately, in recent years, continued progress in these areas has been threatened, not least by the radical populist governments in Venezuela, Bolivia, and elsewhere. These governments have instituted retrograde agendas that include the propagation of class warfare, state domination of the economy, assaults on private property, anti-Americanism, support for such international pariahs as Iran, Russia, and even transnational criminal organizations.

We are a group of concerned policy experts that fear the results of these destructive agendas for individual freedom, prosperity, and the well-being of the peoples of the region. Our goal is to inform policymakers and international public opinion of the dangers of these radical populist regimes to inter-American security.