On Jan. 3, President Donald Trump shocked the world by ordering Operation Absolute Resolve, a series of military strikes against Venezuela that climaxed with the capture of Venezuelan President Nicolas Maduro for narco-terrorism and drug trafficking. This Venezuelan strike has not only created geopolitical instability, but it also could destabilize the finances of the average American in a rather surprising way: via your grocery bill.
Venezuela is a central exporter of the heavy crude oil that American refineries utilize to make diesel fuel. As MoneyTalksNews has reported, despite the fact that crude oil markets are stable thanks to an overall surplus of global supply, diesel is another story. Any potential disruption to the diesel supply chain — such as the disruption of Venezuela’s heavy crude — could negatively impact America’s diesel-dependent trucking industry.
That trucking industry disruption would then impact just about everything that goes into your grocery store cart.
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A disruption of diesel fuel supply would cause diesel prices to escalate. Historically, the trucking industry has passed diesel price hikes onto the retailers they deliver to. Those retailers, in turn, increase their prices to make up the difference. The result? Grocery shoppers pay more in the checkout lane for their groceries.
Essentially, the potential grocery price increases would mirror tariff price hikes, with retailers and distributors passing increased costs onto consumers, many of whom are already straining beneath the weight of inflation.
This ripple effect from Venezuelan crude to increased grocery prices isn’t something that will happen overnight, nor is it guaranteed to happen at all. However, it is a potential unintended consequence of Trump’s strikes on Venezuela. As with so many facets of this increasingly complicated geopolitical affair, it is something that only time will tell.
Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories.
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This article originally appeared on GOBankingRates.com: How Trump’s Venezuela Strike May Sneak into Your Grocery Bill
