Venezuela Crises Compound as Oil Industry Falls Into Disarray

NY Times ^ | September 20, 2016 | Nicholas Casey and Clifford Krauss

[C19fan]

One oil rig was idle for weeks because a single piece of equipment was missing. Another was attacked by armed gangs who made off with all they could carry. Many oil workers say they are paid so little that they barely eat and have to keep watch over one another in case they faint while high up on the rigs.

Venezuela’s petroleum industry, whose vast revenues once fueled the country’s Socialist-inspired revolution, underwriting everything from housing to education, is spiraling into disarray.

To add insult to injury, the Venezuelan government has been forced to turn to its nemesis, the United States, for help.

[C19fan]

Chavistas are so incompetent that have run their state owned oil company into the ground.

[Paladin2]

0bama loves the Chavesta gov’t. Why is the US a nemesis?

[EQAndyBuzz]

“0bama loves the Chavesta gov’t. Why is the US a nemesis?”

Why don’t they ask Soros to help them?

[Oratam]

You can help! Call 1-800-JOE-4-OIL

[jiggyboy]

The NYT weeps. If only oil prices had stayed high, Venezeula would still be a “Socialist-inspired” (whatever that hair-splitting means) paradise.

[PGR88]

Ayn Rand, please pick up the white courtesy phone!

[RayChuang88]

Venezuela should be one of the richest countries in all of South America because of all those oil reserves. But the Maoist economic policies of Hugo Chavez and Nicolas Maduro is about the create the modern version of the tragedy that is was China's highly ill-advised Great Leap Forward. Indeed, we could end up with millions of Venezuelans dead from famine....

[Menehune56]

"If you put the federal government in charge of the Sahara Desert, in 5 years there'd be a shortage of sand."

- Milton Friedman

[Mr. K]

If the government controlled the desert, there would soon a shortage of sand

[GeneralisimoFranciscoFranco]

Bush’s fault.

[Bitsy]

And I believe Hugo was one of the first persons Barry visited when he was bought into office.

[Made In The USA]

My prediction:

Shortly after election day, Barry will write an enormous check for his socialist friend. About 2 days afterwards Maduro will go on TV to tell the people of Venezuela how he forced the evil USA to pay back what was stolen from his socialist paradise. Maduro, a man of the people, will use a chunk of your tax dollars to build himself a new palace.

Three months later Venezuela will be in deep crap once again. They will ALWAYS run out of other people’s money.

[SES1066]

Oh dear, I hope that 'climate change' (or whatever the current designation thereof is), grants a moderate winter to the Northeast this year because I don't think that Robert F Kennedy Jr. can count on discounted heating oil from his fiends in Venezuela. Remember how, in past years, at least till Hugo Chavez's death, RFKjr touted his relationship with Chavez and his help in providing the Mass.Poor, through RFKjr's non-profit Citizens Energy Corp., discounted heating oil during the winter.

Hat tip to Oratam for the Call 1-800-JOE-4-OIL which is/was the line that Citizens Energy Corp. has for heating oil assistance.

[jalisco555]

Socialists should be very angry at Chavez and Maduro. Prior to Chavez Venezuela had something very rare- a state-owned oil company that was profitable, well run and highly respected by competitors. Chavez and Maduro ruined this rare example of Socialist success.

[SES1066]

Maduro, a man of the people, will use a chunk of your tax dollars to build himself a new palace.

My prediction follows yours except - the new place will not be IN Venezuela! FYI, one of the richest individuals in Venezuela is Chavez's daughter, who has Billion$ stashed off-shore!

When Hugo Chavez was ELECTED President of Venezuela in 1999, the exchange rate was about 1 Bolivar for $0.66US. In the NUMEROUS devaluations since then, including a 1,000 to 1 switch to a 'strong' Bolivar (bolívar fuerte) at the end of 2007, the actual value has gotten lost between the 'Official Rate Feb.'16' of 10 to 1 and the very active black market of 1,400+ to 1 depending upon the current panic level. GREAT stewardship shown by these socialists, right?

[Made In The USA]

Agreed. Maduro understands the word stewardship, otherwise we wouldn’t have the expression, ‘The Maduro Diet’.

[Oratam]

Joe should return all that oil to the poor Venezuelans!

[SES1066]

Joe should return all that oil to the poor Venezuelans!

Won't help, they can't pay the workers to reprocess it into the heavy sulfur to pump back into the ground. To do anything else would probably violate the Taxachusetts environmental laws.