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The price of fuel oil, which is all important in the
case of Venezuela, has dropped from $2.60 to $1.65 per
barrel.
In view of the open winter in eastern and middle western
areas of United States consumption of fuel oil has declined
and stocks have increased.
Venezuela is a hard currency country and as such is
losing out in soft currency markets.
Two bills before the United States Congress provide for
restrictions on imports and might cut Venezuela's petroleum
exports to the United States to substantially less than one-
half of the present volume.
The Middle East low cost petroleum is nearer the European
market and may gradually freeze Venezuela out of that area.
In addition, denunciation of the trade agreement between
the United States and Mexico will subject about 50 per cent of
Venezuela's petroleum exports to the United States to the full
duty of 21 cents per barrel as compared with the prevailing
duty concession of 10-1/2 cents per barrel.
Probable Results of a Drastic Cut in Production
Reduction in Venezuelan Government revenue, causing
budget curtailment, less funds for social services, and
financial instability.
Unemployment among the organized petroleum workers,
leading to social, economic and political problems.
General decline of entire Venezuelan economy, which is
built on the petroleum industry.
Substantial reduction in exports of United States
products to Venezuela.
Anti-United States sentiment, particularly among laboring
classes.
Endanger the Reciprocal Trade Agreement between the
United States and Venezuela.
Undermine the free enterprise system now flourishing in
Venezuela.
Conclusions
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"ocrText": "-4-\nThe price of fuel oil, which is all important in the\ncase of Venezuela, has dropped from $2.60 to $1.65 per\nbarrel.\nIn view of the open winter in eastern and middle western\nareas of United States consumption of fuel oil has declined\nand stocks have increased.\nVenezuela is a hard currency country and as such is\nlosing out in soft currency markets.\nTwo bills before the United States Congress provide for\nrestrictions on imports and might cut Venezuela's petroleum\nexports to the United States to substantially less than one-\nhalf of the present volume.\nThe Middle East low cost petroleum is nearer the European\nmarket and may gradually freeze Venezuela out of that area.\nIn addition, denunciation of the trade agreement between\nthe United States and Mexico will subject about 50 per cent of\nVenezuela's petroleum exports to the United States to the full\nduty of 21 cents per barrel as compared with the prevailing\nduty concession of 10-1/2 cents per barrel.\nProbable Results of a Drastic Cut in Production\nReduction in Venezuelan Government revenue, causing\nbudget curtailment, less funds for social services, and\nfinancial instability.\nUnemployment among the organized petroleum workers,\nleading to social, economic and political problems.\nGeneral decline of entire Venezuelan economy, which is\nbuilt on the petroleum industry.\nSubstantial reduction in exports of United States\nproducts to Venezuela.\nAnti-United States sentiment, particularly among laboring\nclasses.\nEndanger the Reciprocal Trade Agreement between the\nUnited States and Venezuela.\nUndermine the free enterprise system now flourishing in\nVenezuela.\nConclusions"
}