Venezuela production could easily be replaced by the US

NY Times:

Gas Prices Could Rise if U.S. Adds to Venezuela Sanctions

President Trump has promised tougher measures against the oil-exporting country if it goes through with elections on Sunday. But that could raise gas prices in America.
Venezuelan exports to the US make up about eight percent of the total and could be easily replaced by a world awash in oil.   There are plenty of alternative sources for oil in today's market, including US oil.  One thing the US does need to do is convert its refining capacity to work with the light crude being produced by the shale wells.  If that took place the US would need even less imported oil.


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