Venezuela Buying Oil to Meet Contracts

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

[Thunder90]

not to mention hiding transactions for more weapons to be sold to Venezuela, shipped in otherwise empty container ships posing as tankers.

[Rte66]

And the price of gasoline there is 12 cents per gallon ...

[kittycatonline.com]

Exxon's fault.

And Bush's fault! Cheney's fault, too! Haliburton! Red States! FreeRepublic! Jingoistic "Let's Roll" so-called "Patriots" fault! Environmental Abusers fault! Red-Meat Eaters fault! Snail Darter Disrespectors fault! Wetlands Raping Gringos fault! Kyoto Treaty Non-Signers fault! Genetically-Modified Grain Eaters fault! Men's fault! People Who Didn't Vote For Al Gore's fault! It's all your fault!

That Hugo Chavez guy, he's just trying to help out...

[mtntop3]

Whether "Peak Oil" or not, the fact is that much of Venezuela's petroleum reserves are in notably heavy oil (think molasses + + +) that requires sophisticated/costly processes for extraction and thinning.

That has been provided until now by outside companies - which are now facing an onerous onslaught by Chavez.

[Graymatter]

"Brothers, you asked for it." --- Francisco Domingo Carlos Andres Sebastian d'Anconia

[livius]

that commie fruitcake with the funny haircut gets whacked

LOL! I happened to be in Spain when Evo was cruising around meeting and greeting his European buds, of whom Zapatero was the first and dearest to his heart. Evo makes a fashion statement wherever he goes, and wore a peculiar tee-shirt and windbreaker to state dinners, etc. The funniest thing was that on the first day of Evo's visit, Zapatero, who is much more a raving leftist than we like to acknowledge, met him dressed in an almost identical get up! I guess ZP didn't want anybody questioning his working class street cred (not that it exists anyway). He was so widely ridiculed that he wore a suit to the next meeting, although Morales wore his cute little costume throughout the visit.

[Jimmy Valentine]

Proof positive if any more were needed that Chavez is an idiot. But he will sleep warm and eat well while his people starve, because that is the way of Socialists.

[SauronOfMordor]

good techs and engineers took a hike...

As well as their good managers, and everybody else they need to run a civilization. Given how much admiration Chavez has for Castro, any rational member of the middle class would try to leave while he was still able to, before the borders close and the productive class are officially enslaved

[Roccus]

very interesting, especially in light of the actions taken by Bolivia this week.

[saganite]

Funny you should say that. There is a shortage of sand in Egypt and the Middle East in general. Seems their sand isn't the right kind for making cement. I've heard they have to import it.

[painter]

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

There is a heavy oil field that starts in Venezuela and ends in Argentina that has between 4 and 11 Trillion barrels of oil. Thats right 4 to 11 Trillion barrels.

[somniferum]

bookmark

[Our man in washington]

And the starvation in the gulags was evidence for "peak food."

[Fred Hayek]

I have worked with some of those engineers and techs. Good people. Not one of them had a good opinion of Hugo Chavez. Though Chavez frequently invokes Simon Bolivar, they thought he was not fit to tie Bolivar's bootlaces. I doubt these people are still working for PdVSA, since now "political reliability" far outweighs technical competence.
BTW, when I was working with these Venezuelans, I was also reading Atlas Shrugged.

[garyhope]

I'm real tired of people's "hair statements" and their "ethnic pride".

I'm much more interested in their smarts and realistic and pragmatic philosophies.

The left and the Islamofascists are so blind and fanatical these days as to be suicidal AND homicidal.

[pepsionice]

Lets all stand back and examine facts. The engineers absolutely agree that Venezuela has more oil than Saudi Arabia...this has been said by a number of experts. Second, since Chavez took over the whole business side...controlling the whole process...there isn't much incentive to go look for more oil (look at companies without research...they don't make money in the long run). Third, oil is about business....you line up quotas and sell at a price...you finish the contract...you go to the next round. Chavez may find that some Russians are offering him a terrific deal at the moment...for cash up front...which he can shuttle over to Russia. Doesn't matter what happens upon delivery...its all about the sale and the profit. Fourth...if I can create a bogus environment...like the electrical companies did in California...and jump the price up 15 percent in two months...I'm going to show a huge profit if I got the oil for 20 percent less than the daily price now. Think about that cash flow and good you look at the conclusion of your profit run.

All of you need to get use to $100 a barrel oil...and weekly adventures by the Russians, Venezuelans, and Nigerians. Of course, Saudi Arabia and Iran profit off this...and those guys with capped wells in the Gulf of Mexico are making a killing of the oil episode too. The days when you paid $2 a gallon are long gone. Better get use to $4 a gallon or even $5 a gallon within two years. Watch your school district ask for more money...your local public transportation folks double the price of weekly tickets...or even better...the local grocery jump the price of vegetables up 40 percent because of fuel cost to farmers. Start thinking long term where this all goes.

If I sound disheartening...its because none of the administrations in 30 years have grasped how bad things will eventually get. Your independence...is tied to US-produced fuel...ethanol. Get used to that. The sooner they start forcing 50 percent sales across the nation...the sooner you wave good bye to Chavez and the greedy guys. Its better to pay your own farmers...than to pay some third world dictator. I can say this to Bush a thousand times...but these fools in Washington just don't get it. Our destiny...is no longer in our hands...we have no control over our lives or our future. Its just that simple.

[SouthTexas]

LOL. Was at a meeting last night and we discussed this. Looking around the room, everyone there, with the exception of one guy, had driven there by himself. Most of us live within walking distance. Yep, we are the problem.

We have no more wetlands here. They all dried up and blew away, so you will have to remove that one. :)

[proud_yank]

Thanks!



PING – Hugo is at it again!

Please FReepmail me if you would like on/off the Hugo/Venezuela Ping list.

HugoPing Archive

[proud_yank]

Welcome to FR, by the way. Love your screen name!!