Posted on 11/28/2014 9:48:05 PM PST by george76
President Nicolas Maduro is ordering a cut in government spending as Venezuela grapples with a plunge in world oil prices that threatens to bring more hardship for the petroleum-dependent economy.
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More than 95 percent of Venezuela's export earnings come from crude oil exports, and economists say the recent decline in prices will reduce the amount of dollars available for imports when Venezuelans are already suffering from widespread shortages and the world's highest inflation.
(Excerpt) Read more at newsday.com ...
Oh, come now, surely there's something belonging to other people that the government can still steal. It will be tragic to the Venezuelans but a cautionary tale to the rest of us to see what happens when socialists really do run out of Other People's Money.
They begged Saudi Arabia for a cut in production, but Saudi said no. So now they have to embrace the suck.
Saudi’s Opec met recently or soon to be...they’re arguing among themselves because they’re all taking a hit with these low prices...but they are competing now with the threat of US production...it’s all about the market now and who has it and can retain it..
I am having a real hard time generating any sympathy for the dirt bags in OPEC.
Piece o’ cake, just raise taxes, the sky’s the limit.
While every oil field has a number of what price they can pump oil profitaby, in reality there is a different number, and it is much higher in these countries than the price we can tolerate. This is the price of oil where they have to cut social spending. This is a dangerous number, because they can't cut the social spending without generating anti-government unrest to some degree.
My guess for next in line will be Cuba, since they are dependant on Venezuela for oil.
I imagine that Obama will invite all of them to emigrate to the (former) US of A.
And sign them up for free stuff. And Democrat voter registration.
Nobody’s going to feel any sympathy for them...I sure don't...
Not to mention their concerns the US is going to give their enemy Iran a free pass on sanctions. They have gobs of infighting now.
Ole Pooty Poot in Russia and Iran’s ayatollahs aren’t going to be happy either.
Venezuela grapples with a plunge in world oil prices that threatens to bring more hardship for the petroleum-dependent economy.
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I thought their economy was dependent on total socialism, which would explain the shortages and inflation.
They'll shut any rise there real fast because it will be Iran that stirs the Shites up that are in Saudi....
I imagine that Obama will invite all of them to emigrate to the (former) US of A.
And sign them up for free stuff. And Democrat voter registration.
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And the GOPe is perfectly fine with that.
“I am having a real hard time generating any sympathy for the dirt bags in OPEC. “
I’m not! Sand, with a Crude Oil Chaser for all of the ragheads! Personally, I hope they even get sand in their Vaseline!
Who would have thought that when the Saudis finally used the oil weapon again, it would be to lower prices?
It’s a political “tool” along with other resources....all nations use them. Saudi’s just doing what they’ve always done to retain their market share in oil....and that’s being threatened far more than they care to admit...and this with Iran breathing down their necks via ISIS.
The Islamic state was created by the Saudis, Qataris to kill shia and Christians
Link you might also find interesting.
Probably right Cronos....we know there’s a real war between Iran and Saudi...Saudi will do whatever it takes to protect the House Of Saud.
Roger that. The sand monkeys.
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