US refineries are specialized for it. Which is why it is so important to the US. Refineries aren’t cheap and refitting them ain’t cheap. Built on the idea that we could indefinitely exploit South America.
Singer acquired Citgo at a bargain price in large part due to the embargo, with limited exceptions, on Venezuela oil imports to the United States. Citgo’s refiners are purpose-built to process heavy-grade Venezuelan “sour” crude. As a result, Citgo was forced to source oil from more expensive sources in Canada and Colombia. (Oil produced in the United States is generally light-grade.) This made Citgo’s operations far less profitable.
US refineries are specialized for it. Which is why it is so important to the US. Refineries aren’t cheap and refitting them ain’t cheap. Built on the idea that we could indefinitely exploit South America.
Only Citgo
https://www.motherjones.com/politics/2026/01/trump-venezuela-oil-maduro-billionaire-paul-singer-citgo-elliot-management-hedge-fund/