Threat of U.S. oil sanctions on Venezuela sparks fears of economic ‘collapse’

Venezuelan lawmakers warned Tuesday the country could be headed for a “catastrophic” meltdown if the United States limits or blocks its crude exports amid an escalating struggle over the fate of the socialist administration. The fears come as the White House confirmed it’s considering a range of political sanctions against the South American nation if it goes ahead with plans to rewrite the constitution, including a ban on oil imports. “All options are on the table,” a senior White House official said. “We understand that we are dealing with options that sometimes have consequences — of course, in Venezuela, but also in the United States.”More…