Posted on 07/18/2005 9:15:48 PM PDT by Kitten Festival
The biggest companies in America are oil companies. And why shouldn't they be? For just one speculative oil well, drilling to seek commercially extractable oil, the bill can easily come to $50 million. And that's just to find it. Getting it out of the ground usually costs a lot more.
Multiply the risk with the volatility of oil prices, and the only way to stay in business is to save for a rainy day. Big oil companies are tremendously capitalized. ExxonMobil is the largest company in America.
So it's all the more remarkable to see that the new Fortune 500 list of top companies has dropped Venezuela's oil company, PdVSA, from its ranks altogether. Last year, it ranked 76. This year, it's not there at all, a drop of at least 424 places. Fortune didn't offer any explanation, but that is one big drop for an oil company - and a state oil monopoly in a country with the highest oil reserves in the hemisphere.
Daniel Duquenal speculates that it may be that this company has not filed an SEC statement in more than a year, so its value is impossible to determine. But that alone is a bad sign. Miguel Octavio said the company had grown un-auditable. Gustavo Coronel calls this financial black box a mockery of the government's freakish claims that 'now the company belongs to all of us.'
It may most significantly mean this company is losing money faster than anyone realized. ...
(Excerpt) Read more at americanthinker.com ...
But Jimmy Carter assures us that Chavez was legitimately elected.
All our socialists are belong to us.
PdVSA does business in this country as CITGO. If you want to hit Chavez and his Communist buddies where it hurts, don't buy CITGO gas & tell all your friends not to buy it either.
"PdVSA does business in this country as CITGO. If you want to hit Chavez and his Communist buddies where it hurts, don't buy CITGO gas & tell all your friends not to buy it either."
Yeah, lets put all the independent CITGO dealers out of business and their employees into the unemployment line.
Sarcasm/ off
They can be dealers for another oil company.
"They can be dealers for another oil company."
You can get another line of work.
I'm with you. It's not Citgo's fault it was taken over by thugs. Whatever we boycott, the Red Chinese will buy. The smarter thing will be to take the thug out, arrest the corrupt minions, and let the gas company get back to normal. I won't boycott Citgo. I just want the thug out.
Hi, I am one of those Citgo dealers you want to put out of business. I am a working stiff like you. A Citgo dealer not BY CHOICE. I have a contract like most other Citgo Dealers. I can not breake it just because I do not like Chavez. I was forced by Union 76 an American company to accept Citgo as a supplier. If you do not buy Citgo gas Citgo will just sell it to someone else. Please consider whom you are really hurting with your actions. Thanks
Actually, Citgo is already closing some stores. I read just last week that all Citgo stations in ? - a Midwest state, IIRC - are being closed. SOmebody posted the information here; I'll have to look for it.
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