The Venezuela Operation Is About a Lot More Than Cheap Oil
The operation to remove Nicolás Maduro may prove more economically significant than most commentary suggests. It may not lower oil prices any time soon, but over time it could reduce the supply shocks that do real damage to the U.S. economy.
Begin with the fact that tends to vanish in the “bonanza” chatter: there is no oil shortage right now. The U.S. national average for regular gasoline is $2.82 a gallon, according to AAA. Brent is around $61.15 a barrel. By recent standards, that’s already a world of cheap fuel. It’s also a reminder that anyone selling Venezuela as an instant…
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