Economy 53,076 Posted December 31, 2017 Share Posted December 31, 2017 https://oilprice.com/Energy/Gas-Prices/Oil-Rich-Venezuela-Is-Out-Of-Gasoline.html Due to poor management all but 2 refineries are shut down in Venezuela and due to worthless currency oil products or any other product for that matter can be imported Venezuelas entire economy has essentially shut down without energy The biggest irony is that Venezuela has the worlds largest Oil reserves at 297 Billion Barrels Link to post Share on other sites More sharing options...
Delusional Aura 5,129 Posted December 31, 2017 Share Posted December 31, 2017 Worlds largest reserves? Why aren't they rich like the middle east then? Link to post Share on other sites More sharing options...
MarryTheAngel 551 Posted December 31, 2017 Share Posted December 31, 2017 3 minutes ago, Delusional Aura said: Worlds largest reserves? Why aren't they rich like the middle east then? Their reserves are not normal petroleum. It's much harder to refine which makes it costlier. Link to post Share on other sites More sharing options...
Delusional Aura 5,129 Posted December 31, 2017 Share Posted December 31, 2017 1 minute ago, MarryTheAngel said: Their reserves are not normal petroleum. It's much harder to refine which makes it costlier. Ohhh my bad.... The more you know Link to post Share on other sites More sharing options...
Nicogly 2,579 Posted December 31, 2017 Share Posted December 31, 2017 5 hours ago, Delusional Aura said: Worlds largest reserves? Why aren't they rich like the middle east then? ITS not because of how much it costs, its because of the poor (an understatement) management in Venezuela. Ever since Chavez, oil has been gifted to countries like Iran, Cuba and Russia without any second thought. No investement was made to improve the oil industry and all the good honest workers were fired and replaced with pro government officials who had never worked with oil before. (This happened in 2002 when Chavez in a national broadcast read out loud who was getting fired). Now that the price of oil is low and our machinery is basically broken and with no money to replace or improve it, Maduro is trying to dollarize the economy. Of course this would be impossible due to the Trump sanctions (which are working), but something called Kriptocoins or something like that (used by india) is a way to make the economy dollarized without it being first hand. One kriptocoin is one oil barrel. Rock On and A Last One For the Road 🚬 Link to post Share on other sites More sharing options...
Economy 53,076 Posted December 31, 2017 Author Share Posted December 31, 2017 8 hours ago, Delusional Aura said: Ohhh my bad.... The more you know 8 hours ago, MarryTheAngel said: Their reserves are not normal petroleum. It's much harder to refine which makes it costlier. They have the same kind of Oil we have here in Canada in Oil Sands form... We sell our Oil At A Discount largely because our pipeline capacity is always constrained cuz environemntalists legally challange every pipeline and we cant build new ones and as a result we ship by train which is deducted by what our customers pay us for it, thats on top of higher production costs. Despite that problem we are the 4th largest producers in the world (After Russia, USA and Saudi Arabia) and in 2018 production will rise another 315,000 barrels a day! U can have an industry with harder oil as Canada has proven. Venezuela just severely mismanaged everything and its falling apart Link to post Share on other sites More sharing options...
Economy 53,076 Posted December 31, 2017 Author Share Posted December 31, 2017 3 hours ago, Nicogly said: ITS not because of how much it costs, its because of the poor (an understatement) management in Venezuela. Ever since Chavez, oil has been gifted to countries like Iran, Cuba and Russia without any second thought. No investement was made to improve the oil industry and all the good honest workers were fired and replaced with pro government officials who had never worked with oil before. (This happened in 2002 when Chavez in a national broadcast read out loud who was getting fired). Now that the price of oil is low and our machinery is basically broken and with no money to replace or improve it, Maduro is trying to dollarize the economy. Of course this would be impossible due to the Trump sanctions (which are working), but something called Kriptocoins or something like that (used by india) is a way to make the economy dollarized without it being first hand. One kriptocoin is one oil barrel. This! As i just said in my post above... we have the same kind of Oil Sands as Venezuela here in Canada, it didnt stop us from becoming the 4th largest producers in the world after USA, Russia and Saudi Arabia! Deep Sea Drilling in Norway and UK is also costly and theyve done it also Link to post Share on other sites More sharing options...
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