Venezuela has a history of ‘WALKING AWAY' from deals like THIS: Schork Group principal

• Venezuelan oil deals are a 5-10 year venture, offering no immediate relief for high oil and gas prices.
• A significant dearth of global refining capacity, stemming from the Russia-Ukraine war, is driving up distillate fuel prices.
• Diesel prices are at their highest since mid-2022, with further increases expected due to upcoming seasonal demand (harvest, holidays, winter).
• The U.S. Strategic Petroleum Reserve is at its lowest level since 1982, with further withdrawals risking the integrity of the salt caverns.

The video discusses that recent Venezuelan oil deals will not provide a short-term solution for high gas prices due to the long lead time required for production. The primary driver of high energy prices, particularly diesel, is a global shortage of refining capacity exacerbated by the Russia-Ukraine war. The U.S. Strategic Petroleum Reserve is also at its lowest level since 1982, limiting options for mitigating price spikes.