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Venezuela’s PDVSA: The
World’s Worst Oil Company

Zero Hedge, by Steve H. Hanke

Original Article

Posted By:PageTurner, 4/14/2017 7:06:57 AM

My Misery Index for 2016 placed Venezuela at the unenviable top spot – the world’s most miserable country. However, to gain a real appreciation of the depths of Venezuela’s socialist disaster, we must look under the hood of Petróleos de Venezuela (PDVSA), Venezuela’s state-owned oil giant. After all, PDVSA is, for all practical purposes, Venezuela. Indeed, PDVSA accounts for virtually all of Venezuela’s foreign exchange earnings (93% over the past 5 reported years). An understanding of the workings of PDVSA requires a good grasp of petroleum economics, a field I was introduced to many years ago, when I was on

Chavista thugs didn´t like this one.


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Venezuela’s PDVSA: The
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Zero Hedge, by Steve H. Hanke    Original Article
Posted By: PageTurner- 4/14/2017 7:06:57     Post Reply
My Misery Index for 2016 placed Venezuela at the unenviable top spot – the world’s most miserable country. However, to gain a real appreciation of the depths of Venezuela’s socialist disaster, we must look under the hood of Petróleos de Venezuela (PDVSA), Venezuela’s state-owned oil giant. After all, PDVSA is, for all practical purposes, Venezuela. Indeed, PDVSA accounts for virtually all of Venezuela’s foreign exchange earnings (93% over the past 5 reported years). An understanding of the workings of PDVSA requires a good grasp of petroleum economics, a field I was introduced to many years ago, when I was on




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