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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: mishedlo who wrote (28220)3/9/2005 10:25:17 AM
From: xropotkin  Read Replies (1) of 110194
 
Oil is fungible. It really does not matter whether the US gets it from Saudi Arabia or from Venezuela.

my understanding is that crude from venezuela is sour, i.e. high in sulfur, and the refineries set up to process sour crude cannot quickly adjust to processing sweet crude.

so in this sense, venezuelan oil cannot be replaced by sweet crude from somewhere else.
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