Venezuela Seen as Major Beneficiary of Obama's Keystone XL Snub
- Country ships to Gulf refineries that Keystone would supply
- Petroleum accounts for 95% of Venezuela's export income
Is Obama's Keystone XL Decision a Blow to U.S. Economy?
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President Barack Obama’s rejection of TransCanada Corp.’s proposed Keystone XL pipeline could give Venezuela’s ailing economy a lifeline.
With the world’s largest oil reserves, the South American country produces heavy crude that’s similar in consistency to the one coming from Canada’s oil sands, and its economy relies largely on shipping it to the same U.S. Gulf Coast refineries that Keystone XL was meant to supply.