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21

The US Not Afraid of Venezuela

The US did not think countries such as Venezuela and Iran would cut off oil supplies

The US did not think countries such as Venezuela and Iran would cut off oil supplies, despite fraying relations, the country's energy secretary Sam Bodman said.

He said he believed the nations were so dependent on oil export revenues that the drastic action was unlikely.

He added that while high oil prices may damage the US's economic growth little could be done to bring down costs.

Mr Bodman said that oil producers' cartel OPEC could do little as traders rather than producers now set prices.

Ongoing concerns about supply from countries such as Venezuela, Iran, Iraq and Nigeria has pushed up the price of crude oil -which rebounded to over $71 a barrel on Tuesday