Could Venezuelan oil replace Canadian crude? This detailed comparison examines pipelines, refinery needs, rebuilding costs, timelines and the economic risks to the United States.
American political messaging makes the new U.S.–Venezuela oil agreement sound like Washington has suddenly secured an enormous supply of cheap, immediately available petroleum. That is not what happened. The agreement covers access to approximately 64–65 billion barrels of recoverable Venezuelan oil across 17 fields. Those barrels are not sitting in storage tanks waiting to be […]