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

You're reading a preview, sign up to read more.

More from Bloomberg Businessweek

Bloomberg Businessweek4 min readPolitics
Power Play
Set on a remote steppe in Patagonia, where the winds howl and guanacos bound through the brush, the twin dams on the Santa Cruz River are in the early stages of construction, but they’re already relics of a bygone era. The $4.1 billion concrete mammo
Bloomberg Businessweek3 min readPolitics
A Death Watch In Seoul
THE LIVES OF THE RICH AND famous are news fodder everywhere. But in South Korea it’s an expected death that has the country enthralled. The country’s wealthiest person, the 77-year-old chairman of tech giant Samsung Electronics Co., has been incapaci
Bloomberg Businessweek5 min readPolitics
Millions of Dollars Go Missing in Mexico
In late December, Kathy Machir called Marcela Zavala Taylor, her banker of nine years at Mexico’s Monex Casa de Bolsa, to get cash for contractors building her retirement home in San Miguel de Allende. Typically, Zavala would wire money or dispatch h