Hurricane Katrina is poised to take out the only supertanker offloading facility in the US. It also could destroy or damage at least 8 refineries in the Louisiana and Mississippi areas.
If this happens the price of Gas will be well over $3 per gallon at the pump for most of the US. In some places it will hit $4. However the world price of crude will drop because there will be no accessible market if they can't unload their product in the short term. Venezuela will be forced to sell to Europe and Asia at a reduced price (along with the rest of other oil producing countries)
At $4 a gallon, the average US driver will find other means to move his or her body from point A to point B, either car pooling, bicycle, tele-commuting, etc.
This will further depress the world crude prices.
I'm not predicting Venezuela will go bankrupt, however it isn't going to be an easy ride for them.