Bloomberg Businessweek


Chevron, Valero, and others are asking for caution on a possible oil embargo

The Paramount Helsinki tanker docked in Pascagoula, Miss., on July 23 bearing the lifeblood of Chevron Corp.’s refinery there: 532,000 barrels of thick Venezuelan oil. Its arrival, as Venezuela’s democracy slid into what may be its final crisis, underscores the uneasy partnership the U.S. oil industry has entered with a nation where democracy is breaking down.

From New Jersey to Texas, oil companies have come to depend on crude-soaked Venezuela to feed their massive refineries. Last year alone, more than 270 million barrels worth about $10 billion reached U.S. shores—enough to produce about 5 billion gallons

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