Further proof that socialism can cause a shortage of sand in the Sahara Desert.
Ronald Reagan famously once said that if you put the socialists in charge of the Sahara Desert, it is only a matter of time before they’ll produce a shortage of sand.
Countries such as Venezuela will go under when all the U.S. shale oil and natural gas are unleashed on the global markets. They should have saved their oil income all these years for a rainy day, but Socialists always buy votes from the underclass with such income. When that dries up, they whine about social injustice.
Come on Commies, at least stick to your decaying ideals!
Any country sending oil or any other commodity to VA better get their payments in cash before delivery, not credit.
N.B.: the difference between light and heavy crude oil is in its constituents. Heavy oil contains mostly tars and other low value petroleum products. Light oil has more of those hydrocarbons that make gasoline, home heating oil and jet fuel. So everybody prefers light oil.
“Sweet” and “Sour” just mean the amount of sulfur in the crude. Sour crude is more expensive to refine, because sulfur is hard to get out.
Venezuela . . . desperately needs light crudes to blend with its Orinoco Basin extra heavy crude oils. Without such a blend, the Orinoco Basin’s extra heavy crude is too dense to be transported through pipelines to Venezuelan ports and exported abroad.The USA, OTOH, has very light oil from its fracked wells. Since we are (for the nonce) net importers anyway, maybe we could profitably trade x barrels of light crude for x+y barrels of blend.Of course it’s illegal to export American crude, but . . .