Venezuela Sanctions Could Hurt The Texas Oil Economy

A Corpus Christi port official is making the case to the president that sanctions could be bad for Texas.

By Alexandra HartJuly 24, 2017 4:25 pm,

New sanctions against Venezuela may actually hurt Texas more.  

A letter from the head of the Port of Corpus Christi to President Donald Trump implores him to vote against economic restrictions for Venezuela, which could have disastrous effects on the coastal town’s oil producers and consumers.

Matt Smith is Director of Commodity Research at ClipperData. He says that Venezuela is the third largest supplier of crude to the U.S., and that for Texas, about 700,000 barrels a day would be at stake – as well as jobs in the industry.

The U.S. government is looking to impose sanctions on the Venezuelan government in response to humanitarian crises brought on by the country’s authoritarian regime.

What you’ll hear in this segment:

– What kind of sanctions Venezuela may be facing

– How those sanctions could impact the Texas economy

– What the consequences could be for an already struggling Venezuela


Written by Lila Weatherly.