Venezuela Buying Oil to Meet Contracts

Rigzone ^ | May 2, 2006 | Dr. Joe Duarte

[spectre]

As William Buckley said years ago:

"If the communists ever take over Egypt, there would be a shortage if sand."

[potlatch]

Bump!

[FreedomPoster]

Bolivia is about to learn the same lesson.

[Mount Athos]

This author is a real clown to list peak oil as the first explanatory reason for Venezuela's problem. Maybe if "peak oil" referred to the downward production effect of thugs nationalizing their oil industry.

[SouthTexas]

Bolivia is next in line for this, giving producers six months to pay up or get out.

[ChildOfThe60s]

Peak Oil?? This looks more like a socialist disaster in progress to me.

Precisely. The media will never point that out though. They still can't admit what an economic disaster the USSR was, nor the sad state of the European socialist economies.

Besides, [the myth of] Peak Oil dovetails so well with their "the sky is falling" outlook on nearly everything.

[randog]

A Zimbabwe in the making?

Looks like it.

It'll be fun in a couple of years to dredge up the rantings of the likes of Harry Belafonte, Cindy 'Ditch Witch' Sheehan, and the myriad of leftist moonbats that have made a pilgrimage recently to this socialist "heaven" to pay homage to the latest lefty despot.

[Mike Darancette]

Does that mean the American poor will not be getting any free gasoline this Summer>

[arthurus]

That is maybe Politically oil. That happens in socialist economies and bears no relation to the amount of the resource in the ground. The Ukraine was historically the "breadbasket of Europe" until 1917. The USSR had to import huge amounts of food until around 1990 when they reached a condition of Peak Socialism.

[arthurus]

thats Politically Peak Oil...

[ConservativeMind]

A great insight on Venezula.

This does not bode well for us.

[Smokin' Joe]

In the article we noted: ["Stratfor.com estimates that since Chavez became president, starting in 1998, "PDVSA has lost about 1.5 million bpd of its net crude oil production." The main reasons have been the replacement of capable engineers and workers who disagreed with Chavez's revolutionary views, with inexperienced, and in many cases incapable replacements, and the lack of attention to infrastructure maintenance and improvement. The result of the bad management and neglect, has been the steady erosion and near incapacitation of a major oil-producing region of Venezuela, the Western portion of the country, where as many as 10,000 wells have been estimated to have been rendered mostly useless. Venezuela is nominally the world's fifth largest oil producer."]

"Peak oil" my whiskers! Hardly. Peak Socialist stupidity, maybe, but then, our Congress isn't done with the issue of oil prices yet...

[DAC22]

A few, ahhhummm, accidents in the commie’s oil fields should accelerate the problems.

[SouthTexas]

Exxon's fault.

[gas0linealley]

Maybe Chavez isn't all that dumb. He can cut production, make it look like he has problems, price of oil goes up, and he gets just as much money while pumping less oil.

[garyhope]

That socialist/communist thing works really great doesn't it?

Zimbabwe, from bread basket to basket case.

I can hardly wait until the Bolivian gas fields start exploding and that commie fruitcake with the funny haircut gets whacked.

[VeniVidiVici]

Peak Oil?? This looks more like a socialist disaster in progress to me.

Me too. The author lost any possible credibility with me after that.

He even went on to pretty much say it was the ineptitude of the Chubby and the state that was causing it. Why he mentioned peak oil at all is beyond me.

[Proud_USA_Republican]

Peak oil my ass. This is what happens when you nationalize industries. The commie sympathizers will never admit it so they blame it on oil running out.

Venezeula sits on some of the biggest untapped oil fields on the planet.

There is one that has over 200 BILLION, yes BILLION barrels yet to be tapped.

[SierraWasp]

A BILLION here... A BILLION there... pretty soon yer tawlkin 'bout sum series reserves!!!

[Thunder90]

Probably part of Venezuela's weapon's deals....