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US sanctions on Venezuela could lead to higher gas prices

US sanctions on Venezuela could lead to higher gas prices

February 5, 2019

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A US crackdown on foreign oil exports could lead to higher prices at the pump.

The Trump administration said last week it would impose sanctions against Venezuela’s state-owned oil industry in an attempt to cripple the government of President Nicolas Maduro, who is facing global pressure to cede power to opposition leader Juan Guaidó.

The sanctions ban most Americans from doing business with PDVSA, the parent company of Citgo, blocking $7 billion in assets and leading to $11 billion in export losses for Venezuela over the next year. Because funds would be diverted away from the government and into a separate account, analysts say that will likely halt most Venezuelan shipments to the US.

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