There are considerable concerns that the vast oil reserves of Venezuela, totaling a billion barrels, could become a stranded asset. It was Venezuela’s burgeoning post-World War One oil boom which was responsible for it becoming the richest country in Latin America and one of the wealthiest per capita globally. That now appears to be an albatross around the crisis-stricken country’s neck. The push to combat climate change, reduce emissions and particulate pollution has sparked a world push to significantly reduce the sulfur content of fuels. In 2000, the U.S. EPA finalized the Tier 2 Gasoline Sulfur program which reduced the sulfur content of gasoline by 90%. During 2017 the agency introduced the Tier 3 program which lowered the sulfur content of gasoline to a maximum of 10 parts per million (ppm). Similar regulation has been introduced by other developed countries, notably in response to the targets established by the […]