The connection between Venezuelan oil and US refineries is a classic example of "industrial lock-in." It is a relationship built on decades of specialized engineering that makes them physically dependent on each other, despite political friction. ​Here is the breakdown of why this "thick" oil is so important to the US. ​Venezuelan oil, particularly from the Orinoco Belt, is some of the densest in the world. In the industry, it is often called "extra-heavy sour" crude. It is thick like molasses o
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