No. of Recommendations: 3
In 2024 Venezuela produced 900,000 barrels of oil per day; normally 20 million barrels a day transit the Strait of Hormuz. But arithmetic has a well-known woke bias." —Paul Krugman, Winner of the Nobel Prize in Subtraction
Trump the God said it openly: Shinyland gets first dibs on every drop from Venezuela. According to the net sifter, the US imports 6.5Mbpd. About 4.3 comes from Canada, and that oil has no other means of getting out of Canada, as the one pipe to the Pacific is already running near capacity. Add all the output from Venezuela, and, throw in a bit from the SPR, and the US is golden. By the time the SPR runs dry, Venezuelan and US production will be ramped up.
But...while the US will not be short of oil, USians will be paying the global price, because big oil profits are more important than "affordability".
Bubblevision showing WTI around $95 and Brent around $100 at the moment.
Steve
