Venezuelan state-run oil company PDVSA would reportedly be the primary target of new sanctions. Chevron, Valero, and PBF Energy are the biggest consumers of Venezuelan crude in the U.S., and could be affected by the possible move.
This comes as the White House has refused to recognize Nicolas Maduro's presidential reelection.
Vice President Mike Pence stated:
"We've imposed tough new sanctions on Nicolas Maduro's sham of a government. Just this week, we unequivocally condemned the arrest of Juan Guido, the president of the National Assembly, after he invoked protections under Venezuela's constitution and declared Maduro's presidency illegitimate."Experts have warned a oil embargo on Venezuela could push U.S. oil prices up, resulting in higher input costs for U.S. refiners and higher revenues for U.S. drillers.
Comment: Conflating business with politics to effect regime change is right out of the US playbook.