Oil From Venezuela and Iran Would be Banned Under New Rubio Bill
- Florida Republican says funds would only help ‘dictators’
- Key Democrats also oppose seeking oil from Caracas, Tehran
An oil refinery in Cabimas, Venezuela.
Photographer: Gaby Oraa/BloombergThis article is for subscribers only.
Future U.S. imports of oil from Venezuela and Iran would be banned under legislation being introduced this week by Senator Marco Rubio, a Florida Republican and member of the Foreign Relations Committee.
The move is an attempt to forestall any potential effort by the Biden administration to turn to Venezuela or Iran -- if a nuclear deal is reached with Tehran -- as a cushion to rising crude prices sparked by the Ukraine war and a U.S. ban on Russian oil imports.