Posted on 05/31/2008 1:15:30 PM PDT by Donald Rumsfeld Fan
CARACAS, Venezuela: Venezuela's state petroleum company, PDVSA, increased petroleum imports by nearly 150 percent between the first quarter of 2007 and the same period this year, bank statistics show.
A report by the Venezuelan Central Bank this week demonstrated that petroleum imports reached US$1.5 billion (€964 million) during the first quarter of 2008. The imports — which include diesel oil, gasoline and chemical additives for gasoline products — are the country's highest in more than a decade.
A spokesperson for PDVSA said the company had no immediate comment on the issue.
Economist Gustavo Garcia, a professor at a Caracas business school, said called the increase "one more factor that shows how production has fallen," forcing the company to purchase petroleum products outside of the country.
(Excerpt) Read more at iht.com ...
Hmm. Utah also has Escalante clean coal? Out in deserts where no one complains about NIMBY? Better put it off limits. It would probably be one of Hussein Obama's first executive orders.
yitbos
Perhaps because, even if we in the US are energy independent, the fact remains that a worlds powered by oil gives disproportionate power to nations like Iran and Venezuela. It is ultimately in our best interest to do all we can to make oil a commodity that doesn’t result in undue power among many of the nations that have ample supplies.
In sales, it might be fungible. In refining, no. Oils from different sources can very drastically in "refinability". California and Venezuelan crudes "are" more difficult to refine than many others.
Take a look at Mexico’s refinery capacity. They may not have the ability to refine what crude oil they pump and have to do something with it.
True, but we discussing crude from Mexico.
Huh? That sounds like we must stay an oil junkie just to be able to negotiate/dictate a dealers selling price.
To quote your comment "Refineries tend to take crude from whatever source is available...". I don't see the word "Mexico" anywhere in there. To me, "whatever source" means just that.
No, what I said, specifically, is we need to work on alternatives because the US reliance on oil, even if we produce it, helps keep the price high and lines the pockets of our enemies. If we develop, and then export, alternatives, their cash flow will plummet and their power will diminish.
Wanting alternatives to oil is not always for environmental reasons. It makes good political sense in the long run as well.
That’s true, but the refinery must be configured to accept the grade of crude available. Most are not configured to refine Venezuelan heavy crude.
10-4 I totally misunderstood.
milwguy said
“The majority of heavy crude refining capacity is done in the US.”
this I did not know
Venezuela has about 1/2 trillion barrels of heavy oil in the Orinoco Belt. But, since Hugo Chavez took over, their production has dropped from 3.5 million bpd to about 2.7 million bpd (see chart at link below). That represents a 23% reduction in oil production in 9 years. Incompetence is the order of the day in the Venezuelan national oil company (PDVSA).
worker slow down ?
Thanks to Marxism and Chavez, Venezuela will be impoverished in no time flat.
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