Let’s be honest about what’s driving this. This is geopolitical. This is oil. Venezuela holds the largest proven oil reserves in the world — but it’s extra-heavy crude that has to be blended with lighter oil to move and refine. U.S. Gulf Coast refineries were built to process heavy crude like Venezuela’s. Now add this: About 20% of global oil passes through the Strait of Hormuz. If conflict with Iran threatens that chokepoint, global supply tightens. When supply tightens, prices rise. Oil goes u
1:22
Let’s be honest about what’s driving this. This is geopolitical. This is oil. Venezuela holds the largest proven oil reserves in the world — but it’s extra-heavy crude that has to be blended with lighter oil to move and refine. U.S. Gulf Coast refineries were built to process heavy crude like Venezuela’s. Now add this: About 20% of global oil passes through the Strait of Hormuz. If conflict with Iran threatens that chokepoint, global supply tightens. When supply tightens, prices rise. Oil goes u
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