00:00How exactly is that going to work?
00:03You're getting it out of Venezuela into the United States?
00:05Yes, that's exactly right.
00:07So as you know, Ed, as the president announced last night, this was the sanctioned oil
00:11that was basically just sitting in barrels, sitting on ships
00:14because of the effective quarantine of the United States of America.
00:17And the interim authorities have agreed to release that oil to the United States,
00:21so it will be arriving here at home very soon.
00:24The United States government has already begun marketing Venezuelan crude oil
00:28in the global marketplace for the benefit of the United States,
00:31engage the world's leading commodity marketers, key banks,
00:34to execute and provide financial support for these crude oil and crude product sales.
00:40All proceeds from the sale of Venezuelan crude oil and products
00:43will first settle in U.S.-controlled accounts at globally recognized banks
00:47to guarantee the legitimacy and integrity of the ultimate distribution of proceeds,
00:52and those funds will be dispersed for the benefit of the American people
00:56and the Venezuelan people at the discretion of the United States government.
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