Venezuelan Oil's Unsuspected Beneficiary: A Cautionary Tale for US Energy Policy The Trump administration's pursuit of energy independence has led to an unexpected consequence: Phillips 66, a major American oil refining company, is now the world's third largest buyer of Venezuelan crude.
This development highlights the complex interplay between trade policies and global market forces shaping the US energy sector.
Phillips 66's strategy involves capitalizing on discounted heavy grades of oil by expanding its fleet and securing Jones Act waivers.