Posted on 06/28/2007 4:37:10 PM PDT by Kitten Festival
Latin America: Venezuelan dictator Hugo Chavez has expropriated $4.5 billion in assets from two U.S. oil firms. It's an ugly loss, but they will live. What's in doubt is Venezuela's future.
No one knows what exactly will take over the mighty Orinoco-region investments that ConocoPhillips and Exxon Mobil will likely vacate as Chavez declares yet another "people's victory."
But there's little chance the country will be able to match what those two companies could add to oil output and national development there. And the loser will be Venezuela.
(Excerpt) Read more at ibdeditorials.com ...
Sounds like the perfect Fidel Clone.
He will chase away Americans and other capitalists.
His country will become another Cuba unless some brave soul eliminates the problem.
I wish.....
Zimbabwe II.
Communism does not survive — it is a failed system, time after time. Chavez’ days are numbered as he does more and more typically stupid socialist tricks -—
Hey Hillary, are you watching this ???
“Communism does not survive — it is a failed system, time after time. Chavez’ days are numbered as he does more and more typically stupid socialist tricks -—”
Chavez isn’t any more a Socialist then Hillary. They are both common criminals using politics as a cover for their thievery.
They are both common criminals using politics as a cover for their thievery.
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That is certainly one perspective. But we both know their list of crimes goes for beyond “thievery”. Beyond anything we will ever know. But agreed, they are both total criminal reprobates, both repulsive, both not at all qualified to lead democratic nations, and so on. The list is too long.
“His country will become another Cuba unless some brave soul eliminates the problem.”
More like Zimbabwe, a country formerly known as the ‘breadbasket of Africa’ that can no longer feed itself now that they ran off the white farmers. This country will no longer be able to produce oil in a few short years.
Either way, the people will suffer unless they cure the problem now.
You’re certainly correct. However, too many of his people think he’s the second coming to expect any changes soon. I fear we missed our chance a few years ago.
Nope, China will move in and fill the vacuum.
Doesn't MIGA cover political risks for corporations (who hate government interference)? Risks include monetary transfer restrictions, expropriation, war and civil disturbance, and host government's breach or repudiation of a contractual agreement.
Corporations (who hate government interference) can be compensated for their losses, I believe. Taxpayer-backed Ex-Im Bank, OPIC, other government programs, as well as special legislation purchased from Congress are also available to corporations (who hate government interference).
I am pretty sure that coverage is not automatic so maybe these corporations (who hate government interference) will not be paid -- at least not automatically. They may have to purchase legislation from Congress to cover their losses, if any.
Bravo to Conoco and Exxon for telling the Hugo where to step off. I think I’ll buy some stock in those companies.
Hugo today said he wanted nukes. If he gets anything near a reactor, we ought to clobber his personal home and take the little thug out. With no apologies.
Excellent question. There may be some utility in the World Bank afterall.
I'm worried about a couple of things:
1. The world markets have tended to reward the Chavez's and the Ahmedinejehad's (or whatever the thing calls itself) by bidding up the price of crude. The great game goes on.
2. The timing of Paul Wolfowitz 'affair' is curious in light of this. At any rate, Wolfowitz's absence is not going to help any such remedy.
3. Chavez's and Amed... seem to have calculated that we are preoccupied with the WOT. So far the gamble's paying off
4. Is the Monroe doctrine completely kaput?
5.They say oil is 'fungible' once out of the ground. Is it so while in the ground? Isn't much of the oil accessible from neigboring Brazil and Colombia?
Just curious what you'd think.
Thanks.
Hugo is a moron. I am in the oil and gas industry here in Houston, and Venezuela is losing their experienced geophysicists faster than you can say free health care. Educated Venezuelans are getting the heck out of there.
Your post did invoke my memory, 1996: Venezuela's dirty oil barred from U.S. It violates the Clean Air Act standards, World Trade Organization rules against Clinton Administration. Clinton buckles.
I think that the Monroe doctrine is "waiting and watching," though I believe we have forces fighting in South America in limited numbers just like our forces in the Philippines.
Oil may cease being fungible if the "peak oil" crowd is correct and oil becomes more dear as demand drains what's left of the oil, in or out of the ground, I read some place. More and more nations will take control away from oil companies, the same source suggested -- and somehow China will wind up with a lot of it. (The next world war? Number 4.)
I don't know about the oil's accessibility to Brazil and Colombia.
What other areas (aside from CA oil sands) offer potential. Any hope for making the US Oil Sands float? Just asking because you seem familiar with the business.
Supposedly Shell has devised a way to get oil out of our shales for $30/bbl.
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