Posted on 03/21/2008 8:01:28 PM PDT by NormsRevenge
CARACAS, Venezuela — For the better part of a decade, Venezuelan President Hugo Chavez has spent billions of dollars of his country's oil revenue to challenge U.S. interests, build influence around the world and fund a self-styled socialist revolution at home.
Yet as Chavez moves from one international crisis to another— most recently a near military confrontation with neighboring Colombia , an important U.S. ally— many wonder how long his oil-funded wild ride will last.
Not long, analysts in Venezuela and abroad said, if production continues to decline at the country's state-run energy company, Petroleos de Venezuela S.A. , known by its Spanish initials PDVSA .
The state oil company is responsible for 80 percent of the exports from this country of 26 million people, but analysts think that PDVSA is falling apart.
" PDVSA is a company on the border of collapse," said Robert Bottome , the editor of the economic newsletter VenEconomia. "You don't have people, you don't have a corporate strategy and you don't have money."
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(Excerpt) Read more at news.yahoo.com ...
a little good news .. for a change from venezuela
socialism works
sort of
not well ;-)..
Ping.
Bump for later reading.
Bummer.
Shucks.
Drat.
Heck.
Shoot.
Darn.
Daggummit even!
“There are many signs that something’s wrong at PDVSA ,”
anyone figured out how much he is losing with all the citgo stations in the US dropping him like a used rubber in a whorehouse?
I would feel sorry for the people of Venezuela, but not really.
They deserve what they got. They voted for what they got. And what they got, they need to suffer from for a while longer. Some lessons are best learned the hard way. And, others in the region and in other regions need to learn from the lessons of Venezuela.
So, go ahead Hugo and inflict your ideology and your idiocy on your people. If after 10 years they haven’t learned their lessons, then they need to suffer a whole lot more.
Socialism works—Just as well as it ever has.
Well, it couldn’t happen to a nicer guy.
Chavez is just another Socialist idiot - takes a perfectly good system, thinks he can do better, destroys it, and still thinks he can fix it.
Liberalism: a mental disorder.
Geologists, geophysicists, petroleum engineers, and chemical engineers don’t grow on trees. When you demonize the class from which these professionals come, don’t be surprized when your proven reserves decline and you can’t replace them.
I just hope we dont have to learn the same lesson.
Don’t you just love good news?!?!?
Mexico is not much better off...all that corruption siphons off needed operating funds.
Hey if the East Germans couldn’t make Communism work, what chance could Venezuelans have?
Don’t you just love good news?!?!?
-
yup. can’t get enough of it. ;-)
Chavez - a disciple of Mugabe - turning wood into sawdust
I know a small group of about 5 Venezuelans with whom I spent a most enjoyable day in Mexico a while back. According to our Mexican hostess, life is not good for these guys right now. I'm sure they didn't vote for Hugo... but their businesses and livelihood have tanked anyway.
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