Venezuelan Oil and the Limits of U.S. Refining Capacity

Last week, U.S. President Donald Trump’s Venezuela pitch to oil executives to invest the vast sums required to revive the country’s flagging oil sector proved largely ineffectual. Exxon Mobil (NYSE:XOM) CEO Darren Woods offered the starkest assessment, calling the South American country “uninvestable” under its current commercial frameworks and hydrocarbon laws, while ConocoPhillips (NYSE:COP) CEO Ryan Lance also gave Trump a reality check, informing him his company lost billions of dollars when it exited the country under…