Saturday, July 15, 2006

Venezuelan Governmant Halts Citgo Gas Shipments

Citgo Petroleum announced today it will stop distributing gasoline to nearly 1,800 independently owned stations in the US. The company, which is owned by the Venezuelan government, will stop selling gasoline in ten states by the end of March 2007. Currently, Citgo has to purchase 130,000 barrels of oil per day from outside sources to meet its service contracts. The company will now only sell to retailers the 750,000 barrels of oil it produces at its three US refineries.
Hugo Chavez