TRUMP’S VENEZUELA OIL DEAL: “MONEY CONTROLLED BY ME”
GREATRIBUNTVNEWS–US President Donald Trump announced that Venezuela will turn over 30 million to 50 million barrels of oil to the United States, sparking concerns about the country’s oil reserves and the impact on global prices
KEY ISSUES:
– Oil Transfer : “I am pleased to announce that the Interim Authorities in Venezuela will be turning over between 30 and 50 MILLION Barrels of High Quality, Sanctioned Oil, to the United States of America” – Donald Trump
– Proceeds Control : “This Oil will be sold at its Market Price, and that money will be controlled by me, as President of the United States of America, to ensure it is used to benefit the people of Venezuela and the United States!” – Donald Trump
– Immediate Execution : “I have asked Energy Secretary Chris Wright to execute this plan, immediately. It will be taken by storage ships, and brought directly to unloading docks in the United States” – Donald Trump
– Potential Revenue : Selling up to 50 million barrels could raise between $1.65 billion and $2.75 billion, with Venezuelan oil trading at $55 per barrel
– Impact on Oil Prices : The transfer may lower oil prices slightly, but it’s unlikely to significantly impact Americans’ gas prices
The senior administration official said the transfer would happen quickly because Venezuela’s crude is very heavy, which means it can’t be stored for long.
But crude does not go bad if it is not refined in a certain amount of time, said Andrew Lipow, the president of Lipow Oil Associates, in a note. “It has sat underground for hundreds of millions of years. In fact, much of the oil in the Strategic Petroleum Reserve has been around for decades,” he wrote
SOURCE ==CNN==EXCEPT THE HEADLINE AND INTRO PLUS A FEW PARAGRAPH
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