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Topic: Hugo Chavez Squandered The
Greatest Oil Rally In History |
Hugo Chavez Squandered The
Greatest Oil Rally In History
Business Insider, by Rob Wile
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Original Article
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Posted By:PageTurner, 1/4/2013 1:38:31 AM
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| As Hugo Chavez´s reign in Venezuela appears to come to an end, oil markets guru Stephen Schork says the 13-year president deprived his country the fruits of the insane oil price surge that´s occurred since he came to power. "Chavez’s march down the road to serfdom squandered the greatest oil rally in history," he writes. It all goes back to 2002, when a national strike led by the PdVSA — the country´s state oil company, which had been an anti-Chavez entity — caused production to drop from just below 3.0 MMb/d to just above 0.6 MMb/d.
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Comments:
Took $1 trillion dollars and flushed them down the toilet.
Coming to a country near you.
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Reply 1 - Posted by:
Blackeagle, 1/4/2013 1:54:11 AM (No. 9097614)
Hugo may have been a big part of the reason there was an oil rally. His policies suppressed supply - and artificially increased demand from economic back-waters like Cuba. If the bus driver VP is a closet centrist as some folks opine, we may see in his policy reversals (and along with new fracking techniques) the ingredients for a long slow decline in oil prices - maybe down to $55 a barrel.
Once Argentina gets rids of that bizarre, term-limited woman they call President we may see similar effects from that country.
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Reply 2 - Posted by:
PageTurner, 1/4/2013 2:15:40 AM (No. 9097622)
I can´t wait till Brazil and Colombia get pumping. Both have high potential and a willingness to drill. Brazil in particular wants to be the oil big dog on the continent. They, and Canada, will make Hugo´s oil obsolete.
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Reply 3 - Posted by:
Sanspeur, 1/4/2013 2:49:13 AM (No. 9097627)
And our oil? And our pipelines? Freakin junk science prevents fracking and freaking enviro wackos prevent proper usage instead of motor wrecking bio " feel good" stand ins..
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Reply 4 - Posted by:
Spidey, 1/4/2013 4:07:40 AM (No. 9097659)
A communists number one job in life is squandering money.With the poverty and crime in Venezuela,it doesn´t appear ole Hugo did a very good job of spreading the wealth around.
Communism is one of the biggest false promises ever created by man and the only people who really benefit from it is the top tier. Think about how open Obama is with squandering money and it tells you he´s a full bred commie.
No sooner than the ink was dry on the cliff deal,he was
promising more tax increases on the rich to keep his base with their hands out into eternity.
If he could get rid of congress,think about how generous he would be then. Or the erasure of the debt ceiling.
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