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01.05.26 - 00:06
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Rising Venezuelan Oil Exports Help Insulate The US From Energy Crisis (ZeroHedge)
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Rising Venezuelan Oil Exports Help Insulate The US From Energy Crisis
If the primary purpose behind the Trump Administration's snatch-and-grab operation against the illegitimate president of Venezuela, Nicolás Maduro, was not readily apparent in January, it should be crystal clear today. Under Maduro, around 75% of the country's energy exports were going to China. This year, the US will be receiving around 50% of the oil supply while China's share is reduced to 10%.
The stunning shift in the direction of oil shipments is helping to insulate the US from shortages caused by the war in Iran and the closure of the Strait of Hormuz. Likely, this was part of the plan from the very beginning. However, the real benefits of the new relationship with Venezuela will not be readily apparent until the end of this year.
Prices at the gas pump for Americans are high since the start of the war with an average of $4.30 per gallon, but decidedly tame compared to most of Europe. The UK is ...
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