RICHMOND, Va. (WWBT) – The U.S. move to tap Venezuela’s oil reserves is unlikely to ease fuel prices soon, analysts say, because Venezuela’s oil system requires major repairs and rebuilding. U.S. authorities have said they will oversee the reserves as part of efforts to boost supply.
“Their entire infrastructure is not in the best of shape. So that all is going to have to be assessed, looked at, repaired, rebuilt, whatever the case may be. And that’s going to take time,” said petroleum analyst Matt McClain of GasBuddy.
In the longer term, analysts say Venezuela could add roughly 1 million barrels a day compared with recent output…