Roughly 45 years after Arab oil producers cut off oil exports to the US, the Trump administration is considering an oilembargo of its own. In light of the worsening economic crisis in Venezuela, the administration is considering sanctions onoil imports of Venezuela crude, an unthinkable proposition just a few years ago.The dramatic shift in policy illustrates the growth of US shale, and the diminishing role that a single oil producing countryhas on global oil flows. However, it also demonstrates that while US oil output may be breaking new records, it still cannotfully support the domestic refining sector.
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