“Oil Minister Rafael Ramirez had previously warned foreign oil companies that refusal to comply with the new deals would result in their expulsion from Venezuela. Petróleos de Venezuela, S.A. (PDVSA) has said that it was taking ownership of both ConocoPhillips’ and Exxon Mobil’s positions in the country. The move leaves the two oil majors’ $17-billion investment in the Orinoco projects in jeopardy of being lost altogether. PDVSA had already taken over operational control of Venezuela’s last privately run oil fields on May 1 as part of its nationalization drive.”
Well for a moment I almost felt bad for both companies but then I remember that they are doing nothing for America by not reinvesting their massive windfall profits of the last two years into refineries or alternative energy. Act like the devil, play with the devil, get burned by the devil. Perhaps these companies may decide to invest 20 B - 30 B in alternative energy which is a great long-term investment and short term builds great PR and most importantly helps America. America is a place of Judas Iscariot’s, selling out souls for 40 pieces of silver. In the end, these people always hang themselves or their enemies do it for them.
Well, I’ll be the devil’s advocate here, but it’s worth looking into whole R&D expenses, rather than alternative energy, which, for the life of me, I’d NEVER invest in personally. Would you ask Bumblebee Tuna to invest in Greenpeace?
We’re still paying for the low gas prices of the 90’s, because exploration got scaled back so hard die to smaller profit margins at the time. It will be years before new infrastructure to access more remote sites gets developed at a rate we can live with. Something’s got to give, anyhow.