1. US Treasury Secretary Steven Mnuchin speaks to press
2. SOUNDBITE: (English) Steven Mnuchin, US Treasury Secretary:
"We're dealing with Venezuelan oil that is a rather modest part of our overall supply. Again, we're a net exporter of energy. We are particularly concerned that there were a handful of refineries that had a dependence on Venezuelan oil. I think they read the tea leaves. They reduced that dependence significantly along the way. Most of them have in the neighborhood of 10 percent or less of their dependent on Venezuelan oil. So I don't expect that people will see an impact on the gas pumps. ... Again, I'm not going to get into all the specifics of the different oil markets but let me just say that most of these refineries, this is about ten percent or less, there's plenty of supply at sea that's already been paid for so there's inventories. There's been excess oil. I'm sure many of our friends in the Middle East will be happy to make up the supply as we push down Venezuela's supply."
3. Various of news conference
4. SOUNDBITE: (English) Steven Mnuchin, US Treasury Secretary:
"Again, it's the property of the Venezuelan people and the proper and rightful leaders of the country. So we agree with that. He's (Maduro) not the proper leader of the country at this time and I've said these these are valuable assets that we are protecting for the benefit of the Venezuelan people."
5. Reporter asking question
6. SOUNDBITE: (English) Steven Mnuchin, US Treasury Secretary:
"Any purchases of Venezuelan oil by U.S. entities, money will have to go into blocked accounts. Now, I've been in touch with many of the the refineries. There is a significant amount of oil that's at sea, that's already been paid for -- that oil will continue to come to the United States. If the people in Venezuela want to continue to sell us oil as long as that money goes into blocked accounts, we'll continue to take it. Otherwise, we will not be buying it. And, again, we have issued general licenses so the refineries in the United States can continue to operate. So I expect in the short term very modest impacts on the U.S. refineries. We've been working with them closely."
7. Various of news conference
8. SOUNDBITE (English) John Bolton, National security adviser:
"Well, we think stability and democracy in Venezuela are in the direct national interest of the United States right now under the Chavez-Maduro government, civil society in Venezuela is disintegrating. The economy is in a state of collapse. Something in the range of 3 to 4 million refugees have already fled the country for neighboring countries and the United States and the authoritarian regime of Chavez and Maduro has allowed the penetration by adversaries of the United States, not least of which is Cuba. Some call the country now 'Cubazuela' reflecting the grip that Cuba's military and security forces have on the Maduro regime. We think that's a strategic, significant threat to the United States and there are others as well, including Iran's interest in Venezuelans uranium deposits."
Government and politics , Gasoline retail , Retail industry , Retail and wholesale , Consumer services , Consumer products and services , Business , Gasoline retail , Oil and gas industry , Energy industry , Oil and gas refining