[dennisw]

Petroleum is a fungible resource. When one source of supply is diverted to another point, then the other sources that had been selling competitively in the former market, simply step up their deliveries, with scarcely a hiccup in supply. Unless all oil producers acted in concert, it would be impossible to embargo delivery of petroleum to any given customer.

Venezuela produces heavy (tar-like) (sour) crude. This crude can only be refined by specialized refineries. The way I understand it we are the perfect customer for Venezuela because of this. That not selling to USA will impact heavily on Venezuela because of lack of other customers for their heavy crude. Venezuela oil isn't as fungible as the sweet light crude such as Saudi Arabia produces

[capt.P]

That's exacly opposite. That nut job Chavez is sitting on georgeously clean crude. The dirtier stuff from Venezuela is still comparable to the better crude from Iran (Which is why we don't import Iranian crude.