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Venezuela has one of the biggest petroleum reserves on the planet, and is responsible for 10% of America's oil imports. That is a lot lot lot lot lot lot lot of

Venezuela has one of the biggest petroleum reserves on the planet, and is responsible for 10% of America's oil imports. That is a lot lot lot lot lot lot lot of oil. Only a geopolitical fool would allow a crisis/opportunity like this slip by without at least claiming a little side action. Even Goldman Sachs has skin in the game.

empath75 9y ago
Which should make you question all of the American news on what's happening there.
- varjag 9y ago
  Should it also question all German, British, Australian and so on news on what's happening there? (Oh right they are all the U.S. sockpuppets of course)
  - deleted 9y ago
    [deleted]
- qubex 9y ago
  Not particularly, no. One should merely be conscentintious regarding the potential for bias in all accounts of everything, but not to the point of self-confirming paranoid delusion. Being critical, even skeptical, should not depend on one's perception of who stands to gain or lose from something (in no limited part because even informed observers can end up being very wrong about who eventually profits from an undeniably complex sequence of events).
sasper 9y ago
95% of export income in Venezuela is from oil. It's the lifeblood of the country.
- FRex 9y ago
  And somehow it's still a shit country, apparently. Look at how Saudi, Emirati, Bruneian and Qatari live off of their smaller oil reserves. Something is clearly up with Venezuela's governance if they can have that much oil and do that badly.
  - protomyth 9y ago
    Well, yes, the governance is horrible, but the oil is a bit deceptive. It really isn't that good of oil and requires a higher price to refine. It is somewhat analogous to what the Canadians have to do to the oilsands production. Since it requires more work than say Saudi or North Dakota shale, it has a higher cost of production. Saudi's cost are very low, and the tech is making ND / TX fracking cheaper along with a new pipeline that cuts the cost of ND oil. So, it requires a bit more competence and investment to get the value and compete in a global market. Sadly, Venezuela is incompetent.
    - FRex 9y ago
      It's still oil. At worst they can just not touch it at all or keep it on life support like coal is being treated in Poland due to miners' demands, it's a strain (and quite fucking unfair towards people who aren't miners at comfy labor union and politics infested governmental mines) but doesn't ruin the entire country on its own. There are also plenty oil less countries that do well, what Venezuela is doing is just pure WTF, even considering their placement. At the same time Maduro doesn't seem to give a shit and just presses on with his absolute devoted voter base, pure PR and attempts to meddle with the constitution.
      - protomyth 9y ago
        Oh yeah, they are totally broken. I was pointing out the price point of their oil is higher than others in this downward pressure environment. It actually would take some basic competence to make it work which they have none. The government clearly doesn't understand the basics of running a grocery much less a country.

empath75 9y ago

Which should make you question all of the American news on what's happening there.

varjag 9y ago
Should it also question all German, British, Australian and so on news on what's happening there? (Oh right they are all the U.S. sockpuppets of course)
- deleted 9y ago
  [deleted]
qubex 9y ago
Not particularly, no. One should merely be conscentintious regarding the potential for bias in all accounts of everything, but not to the point of self-confirming paranoid delusion. Being critical, even skeptical, should not depend on one's perception of who stands to gain or lose from something (in no limited part because even informed observers can end up being very wrong about who eventually profits from an undeniably complex sequence of events).

sasper 9y ago

95% of export income in Venezuela is from oil. It's the lifeblood of the country.

FRex 9y ago
And somehow it's still a shit country, apparently. Look at how Saudi, Emirati, Bruneian and Qatari live off of their smaller oil reserves. Something is clearly up with Venezuela's governance if they can have that much oil and do that badly.
- protomyth 9y ago
  Well, yes, the governance is horrible, but the oil is a bit deceptive. It really isn't that good of oil and requires a higher price to refine. It is somewhat analogous to what the Canadians have to do to the oilsands production. Since it requires more work than say Saudi or North Dakota shale, it has a higher cost of production. Saudi's cost are very low, and the tech is making ND / TX fracking cheaper along with a new pipeline that cuts the cost of ND oil. So, it requires a bit more competence and investment to get the value and compete in a global market. Sadly, Venezuela is incompetent.
  - FRex 9y ago
    It's still oil. At worst they can just not touch it at all or keep it on life support like coal is being treated in Poland due to miners' demands, it's a strain (and quite fucking unfair towards people who aren't miners at comfy labor union and politics infested governmental mines) but doesn't ruin the entire country on its own. There are also plenty oil less countries that do well, what Venezuela is doing is just pure WTF, even considering their placement. At the same time Maduro doesn't seem to give a shit and just presses on with his absolute devoted voter base, pure PR and attempts to meddle with the constitution.
    - protomyth 9y ago
      Oh yeah, they are totally broken. I was pointing out the price point of their oil is higher than others in this downward pressure environment. It actually would take some basic competence to make it work which they have none. The government clearly doesn't understand the basics of running a grocery much less a country.