October 25, 2017

LATE-STAGE SOCIALISM: Venezuelan Oil Cargoes to U.S. Ports Plunge as Sanctions Bite.

Oil sales to U.S. buyers have fallen for two straight months and now are 56 percent lower than their 2016 average, according to ship-tracking data compiled by Bloomberg. Ever since President Donald Trump slammed the regime of Nicolas Maduro with sanctions in August, American refiners have found banks reluctant to provide letters of credit for purchases of oil from state-controlled Petroleos de Venezuela SA.

The quality of Venezuelan oil has also been called into question. At least one U.S. refiner has rejected oil that arrived laced with as much as four times as much water as it should have. Water content in oil cargoes is closely watched by chemical engineers because excessive quantities can damage sensitive oil-processing equipment.

Shoddy product will do more harm to Venezuela’s economy than sanctions ever could, but Yankee Imperialist sanctions will take the blame.

InstaPundit is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to Amazon.com.