Venezuela’s Chavistas Win Big if Keystone XL Pipeline Loses

These are some of the winners if the Keystone XL pipeline is built, but who are the losers? According to Scott Powell, Venezuela is one of the prime beneficiaries of the status quo and would be a big loser if the pipeline is built: Most of the capacity of the refineries in Texas and Louisiana, which could handle and refine heavy crude from Alberta coming through the Keystone XL pipeline, is currently taken up by Venezuelan oil, which has similar characteristics. Should the U.S. shift those refineries to processing Canadian oil, Venezuela’s ailing economy would be dealt another blow, which might well bring about regime change in Venezuela—one that would likely turn away from “spreading the wealth” statist socialism and more toward the market and private sector solutions. More...