Why unlocking Venezuelan oil won't mean much for US energy prices [Yahoo! Finance]
Exxon Mobil Corporation (XOM)
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Source: Yahoo! Finance
In addition, the U.S. has blockaded Venezuelan oil exports for a few weeks and seized tankers that reportedly escaped from the blockade. To understand what's happening and what it means for U.S. consumers and the American energy industry, The Conversation U.S. checked in with Amy Myers Jaffe , a research professor at New York University and senior fellow at Tufts University who studies global energy markets and the geopolitics of oil. What is the state of Venezuela's oil industry and how did it get to this point? Venezuela's oil industry has experienced profound turmoil over its history, including a steady downward spiral beginning in 1998. That's when a worldwide economic downturn took global oil prices below $10 per barrel at the same time as the Venezuelan public's growing interest in reasserting local control of the country's oil industry ushered in populist President Hugo Chávez. In April 2002, Venezuelans took to the streets to protest the appointment of Chávez loyalist
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