I notice that the article is about gas, but then gives statistics relating to overall oil supply. Anybody know what percentage of Venezuelan oil sales are non-gasoline (and if they’re currently affected by this policy)?
But is this a actually a practical policy? What is preventing “China” or “Great Britain” from buying the oil and then selling it to the US as a regular trading mechanism?
My contention is that Chavez can go ahead and specify that whomever buys his oil can’t sell it to the US, in the long run it won’t matter:
- People cheat
- Venezuelan oil will likely crowd out another source, which will then sell to the US, negating the effect
However, expect the price of gas to jump by the weekend. Hell, within 24 hours of this post.
Anyway… I think this is the right forum. Your thoughts?