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March 6th, 2013
07:51 AM ET

MYB: U.S., Venezuela major business partners in oil industry

Christine Romans breaks down the financial relationship between the United States and Venezuela in the wake of President Hugo Chavez's death. "It is the fourth largest supplier of gas to the U.S. Energy after - you've got Canada, Mexico, Saudi Arabia and then Venezuela," Romans reports.

Romans explains that Chavez was simultaneously a sworn enemy and a major business partner of the United States, for really blunting American efforts in many places across Latin America for years now, by giving subsidized oil to people who agreed with him and disagreed with the United States.

“And this really gives the U.S. and its Latin American policy a great, unbelievable opening,” Romans says. “So how the U.S. treads here is really important diplomatically but also right down to what goes into your gas tank.”

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Filed under: Gas prices • Hugo Chavez • Minding Your Business
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