Bye Bye CITGO

CITGO decides to abandon 10 states. In Spanish here. Should we be worried? Is the company that important that it could affect the US supply?

Venezuela exports around 75% of its production to the United States. In comparison, the U.S. buys about 20% of their oil needs from Venezuela. Not a trivial amount, but not a make or break amount either.

I've always believed that if Venezuela decided to cut the U.S. off, Venezuela stands to lose much more than the U.S. would especially now that some states (at least most of New England) are offering its customers "green energy" for their homes - windmill, hydro electric, etc.

Tags: Venezuela, CITGO, Hugo Chavez, Oil, Gasoline, USA