Not Logged In Log In   Sign Up   Points Leaders
Follow Us    8:54 PM

GasBuddy News Article

37
votes
Venezuela’s phantom oil

Marketwatch -- Venezuelan President Hugo Chávez won’t be at his inauguration ceremony today in Caracas. He’s still in Cuba and gravely ill following another round of heavy-duty cancer treatments.
...
Chávez isn’t the only absentee today. Since 1999, his first year in the presidential palace, about 30% of Venezuela’s oil production has gone missing.

According to the Energy Information Administration, Venezuela’s crude output peaked around 1997 at 3.5 million barrels a day. These days it’s closer to 2.5 million.

This is a huge loss for Venezuela. Even at these reduced production levels, oil accounts for about 95% of the nation’s export earnings and 40% of government revenue. What happened?

the decline rests on 3 things: falling production on existing fields, maintenance problems and shrinking foreign ..


Read the Full Article

Submitted Jan 11, 2013 By: BurntOrange
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Venezuela’s phantom oil Back to Topics
REPLIES (newest first) Post a Reply
Profile Pic
honda0105
Champion Author Tallahassee

Posts:21,418
Points:1,939,065
Joined:Nov 2008
Message Posted: Jan 15, 2013 5:56:23 AM

slice: deju posting?
Profile Pic
slicerette
Champion Author South Bend

Posts:4,087
Points:671,690
Joined:Jan 2011
Message Posted: Jan 14, 2013 12:49:26 AM

One of worst changes put in by President Chavez was the firing of almost 20,000 skilled Venezuelan oil workers and engineers and his replacements are unskilled political cronies. Because of Chavez political tirade, many Venezuelans were killed in oil refinery explosion. Venezuelan oil production dropped almost a third and the skilled oil workers fled to Columbia.

Pres. Hugo Chavez oil policies kill people.



[Edited by: slicerette at 1/14/2013 12:50:27 AM EST]
Profile Pic
honda0105
Champion Author Tallahassee

Posts:21,418
Points:1,939,065
Joined:Nov 2008
Message Posted: Jan 14, 2013 12:07:55 AM

hmmmm.. Communist Math on the oil?

As for Chavez, we'll see if he returns.
Profile Pic
DrCashFlow
Champion Author Massachusetts

Posts:8,662
Points:1,950,275
Joined:Jun 2008
Message Posted: Jan 12, 2013 11:41:05 AM

He will pass on within the week
Profile Pic
Grizdad
Champion Author Montana

Posts:7,192
Points:1,048,030
Joined:Oct 2010
Message Posted: Jan 11, 2013 6:44:35 PM

Sean Penn to the rescue....
Profile Pic
wshutton
Champion Author Seattle

Posts:3,286
Points:1,245,765
Joined:Mar 2009
Message Posted: Jan 11, 2013 1:57:01 PM

Must not be too bad to live in a country where a president uses oil profits for the benefit of the country's people. He has taken some things far too far but is definitely better than say Equatorial Guinea where corporate corruption rules. How Tea Party Conservative Republican and Supreme Court of the United Corporations of America of Equatorial Guinea.
Profile Pic
nsdp
Champion Author San Antonio

Posts:1,118
Points:77,285
Joined:Jun 2012
Message Posted: Jan 11, 2013 11:33:50 AM

The opposition is the group who nationalized the foreign producing assets in Venezuela back in the period from 1979-1983. So the problem of no foreign investment goes back 20 years before Chavez. What makes any one think that will change? All Chavez changed was who got the money.
Profile Pic
hrtdi
Champion Author Vermont

Posts:2,455
Points:479,815
Joined:Dec 2012
Message Posted: Jan 11, 2013 10:19:53 AM

anyway...
Profile Pic
dgarz01
Champion Author Illinois

Posts:1,816
Points:890,500
Joined:Mar 2011
Message Posted: Jan 11, 2013 9:55:06 AM

Cartel work
Profile Pic
BillHeatherL
Champion Author Alberta

Posts:9,255
Points:2,237,155
Joined:Apr 2007
Message Posted: Jan 11, 2013 9:51:27 AM

another excuse to use to raise gas prices
Profile Pic
rbrk02
Champion Author Rhode Island

Posts:7,596
Points:1,146,430
Joined:Jan 2011
Message Posted: Jan 11, 2013 9:51:05 AM

Good article. BurntOrange, thanks for posting this.

Hopefully, Venezuela will, one day, move beyond Chavez and his ilk.
Profile Pic
sleuth696
Champion Author Nashville

Posts:2,518
Points:515,090
Joined:Oct 2012
Message Posted: Jan 11, 2013 9:48:03 AM

Send Obama down there to cover Chavez' absence. Betcha Obama would screw it up worse.
Profile Pic
SpruceGuse2
Champion Author Michigan

Posts:11,342
Points:2,775,070
Joined:Mar 2006
Message Posted: Jan 11, 2013 9:43:40 AM

Nothing phantom about it................................
Profile Pic
Kaiyne
Champion Author Chicago

Posts:3,942
Points:792,770
Joined:Feb 2011
Message Posted: Jan 11, 2013 9:43:14 AM

May Chávez rest in peace soon.
Profile Pic
LongPlay
Champion Author Albuquerque

Posts:5,691
Points:1,547,280
Joined:May 2008
Message Posted: Jan 11, 2013 9:42:30 AM

Socialists tend to do nothing for maximum output! Greed is good; it encourages maximum efficiency.
Profile Pic
bobcatfan
Champion Author Kentucky

Posts:2,764
Points:910,290
Joined:Apr 2011
Message Posted: Jan 11, 2013 9:40:58 AM

Chavez has run Venezuela aground. Hope he never leaves Cuba.
Profile Pic
ModelWarships
Champion Author Missouri

Posts:6,803
Points:1,441,205
Joined:Jul 2008
Message Posted: Jan 11, 2013 9:37:28 AM

what a bunch of idiots electing him when he is barely alive.
Profile Pic
georged12
Champion Author Michigan

Posts:1,148
Points:77,610
Joined:Jun 2012
Message Posted: Jan 11, 2013 9:36:55 AM

You reap what you sow.
Profile Pic
Beboper
Champion Author Virginia

Posts:10,381
Points:2,492,990
Joined:Oct 2005
Message Posted: Jan 11, 2013 9:36:54 AM

oh well
Profile Pic
ItsMorph
Champion Author Grand Rapids

Posts:35,406
Points:3,508,380
Joined:Mar 2004
Message Posted: Jan 11, 2013 9:36:22 AM

 
Profile Pic
Trowinsamoan
Champion Author Los Angeles

Posts:2,347
Points:477,850
Joined:Nov 2012
Message Posted: Jan 11, 2013 9:35:48 AM

They deserve it.
Profile Pic
Chadgas
Champion Author Missouri

Posts:2,546
Points:2,489,815
Joined:Feb 2006
Message Posted: Jan 11, 2013 9:35:19 AM

What a waste of chemotherapy.
Profile Pic
LostAgain2009
Champion Author New Mexico

Posts:3,161
Points:903,020
Joined:Apr 2009
Message Posted: Jan 11, 2013 9:35:02 AM

Might the end of his regime be in sight?
Profile Pic
MrLuigi
Champion Author Massachusetts

Posts:6,416
Points:1,294,665
Joined:Jun 2005
Message Posted: Jan 11, 2013 9:34:31 AM

it's all part of the game oil producers play to screw with the market and send prices up and of course nothing gets done about it.....TFN
Profile Pic
techque
Champion Author St. Louis

Posts:10,198
Points:2,645,040
Joined:Apr 2005
Message Posted: Jan 11, 2013 9:34:14 AM

Chavez said he didn't need US. Well, he didn't need to produce oil either.
Profile Pic
Oldzin
Champion Author Orange County

Posts:2,426
Points:501,275
Joined:Oct 2012
Message Posted: Jan 11, 2013 9:34:13 AM

This is what happens when you tamper with the free market system, seize investment from the stockholders, and then play the corporation for political cronyism (read that as Obama and GM=Government Motors and how Obama just told all the stockholders "go away, your stock is worthless, we own it now").
I sure wish Obama and his cronies would pay attention to this, because they are going to cause something similar in this country with their extremist social spending agenda. It will be Hugo Chavez all over again, but on a much more massive scale.
Profile Pic
jjjleblanc
Champion Author Rochester

Posts:7,495
Points:1,846,110
Joined:Jun 2008
Message Posted: Jan 11, 2013 9:34:04 AM

Probably into leadership's pockets.
Profile Pic
INBwana
Champion Author Indiana

Posts:9,583
Points:1,025,085
Joined:Apr 2011
Message Posted: Jan 11, 2013 9:33:32 AM


"oil accounts for about 95% of the nation’s export earnings and 40% of government revenue." The other 5% of export is drugs and the other 60% of revenue is drug profits I assume!
Profile Pic
N5EXY
Champion Author Austin

Posts:7,166
Points:1,838,570
Joined:Jul 2004
Message Posted: Jan 11, 2013 9:32:40 AM

Le Morte d'Hugo?
Profile Pic
Gville
Champion Author Ohio

Posts:2,902
Points:1,354,235
Joined:Dec 2006
Message Posted: Jan 11, 2013 9:32:13 AM

Happens when you fire the real experts and replace them with cronies.
Profile Pic
mainenightowl
Champion Author Maine

Posts:1,932
Points:552,185
Joined:May 2012
Message Posted: Jan 11, 2013 9:30:48 AM

Doesn't Citgo oil come from Venezuela?
Profile Pic
Digger52
Champion Author Chicago

Posts:4,006
Points:1,172,990
Joined:Aug 2008
Message Posted: Jan 11, 2013 9:29:56 AM

OK
Profile Pic
orphancarguyPE
Champion Author PEI

Posts:5,358
Points:1,047,930
Joined:Jan 2011
Message Posted: Jan 11, 2013 9:29:50 AM

The next 'missing production' will be likely Saudi Arabia. The barrels of all the oil exporting countries are being scraped
Profile Pic
kyrunner
Champion Author Lexington

Posts:10,629
Points:2,026,650
Joined:Aug 2008
Message Posted: Jan 11, 2013 9:29:49 AM

Soon Chavez will assume room temperature and hopefully all of his corrupt goings on will be revealed.
Profile Pic
7SPEEDY7
Champion Author Flint

Posts:2,571
Points:915,570
Joined:May 2011
Message Posted: Jan 11, 2013 9:24:54 AM

Interesting!
Profile Pic
slicerette
Champion Author South Bend

Posts:4,087
Points:671,690
Joined:Jan 2011
Message Posted: Jan 11, 2013 8:51:47 AM

Missing from this article is the fact that Chavez fired all of Venezuelan skilled oil workers several years ago and replaced them with unskilled political cronies.

The skilled workers fled to Columbia, while Venezuela's oil production fell 30 per cent, that's what happened to the "missing" oil. It could not be pumped out by the unskilled workers.

And the lefties never protested Chavez's massive firing of 20,000 oil workers.
Profile Pic
BurntOrange
Champion Author Austin

Posts:10,527
Points:1,908,485
Joined:Nov 2007
Message Posted: Jan 11, 2013 7:55:14 AM

Obama sent him a get well soon card.
Profile Pic
bar1035
Champion Author Charlotte

Posts:11,707
Points:1,627,420
Joined:Aug 2006
Message Posted: Jan 11, 2013 7:32:31 AM

Back to 3rd world status for you Venezuela.

And I agree with gcalleja

Profile Pic
mastermariner
Champion Author Texas

Posts:11,363
Points:803,485
Joined:Jun 2011
Message Posted: Jan 11, 2013 7:27:49 AM

May stop the financing of terrorist groups.
Profile Pic
Jeffro61
Champion Author Cleveland

Posts:3,668
Points:2,575,200
Joined:Oct 2005
Message Posted: Jan 11, 2013 6:55:56 AM

Ok
Profile Pic
gcalleja
Champion Author Miami

Posts:2,466
Points:873,200
Joined:May 2011
Message Posted: Jan 11, 2013 6:53:19 AM

Couldn't be happening to a nicer guy!
Profile Pic
jeskibuff
Champion Author Tampa

Posts:9,651
Points:1,769,435
Joined:May 2004
Message Posted: Jan 11, 2013 6:45:06 AM

cheapertvs said: "Can we really thank Hugo Chavez for oil projects funding going to the Dakotas and not to oil projects in Venezuela? I believe that funding from elsewhere would have moved to oil projects in the Dakotas anyway."

Investor money goes to where investors believe they can make money. With Chavez's moronic socialistic bent, he nationalized their oil industry and took all incentive for investing away. The money naturally flowed to other potential investments and the Dakotas are a good magnet for it. That is, until Obozo manages to screw it up.
Profile Pic
Radar1992
Champion Author Virginia

Posts:2,957
Points:637,790
Joined:Dec 2011
Message Posted: Jan 11, 2013 6:40:51 AM

Chavez bought his election by providing public welfare to his people and consequently drove significant deficits to the country...

Remind you of anyone?
Profile Pic
jeskibuff
Champion Author Tampa

Posts:9,651
Points:1,769,435
Joined:May 2004
Message Posted: Jan 11, 2013 6:36:44 AM

WonderfulMI said: "He was re-elected."

Shouldn't that make you happy? Obozo and Chavez are cut from the same mold.
Profile Pic
mandoid
Champion Author Alabama

Posts:8,948
Points:1,838,605
Joined:May 2008
Message Posted: Jan 11, 2013 6:21:05 AM

banana republic - where we are heading
Profile Pic
WonderfulMI
Champion Author Michigan

Posts:13,408
Points:2,116,050
Joined:Jun 2008
Message Posted: Jan 11, 2013 6:19:44 AM

He was re-elected.
Profile Pic
sawdust1825
Champion Author Illinois

Posts:2,487
Points:765,180
Joined:Sep 2011
Message Posted: Jan 11, 2013 6:18:05 AM

He is a cancer to society and his country
Profile Pic
TommyTraveler
Champion Author Cincinnati

Posts:10,332
Points:2,026,885
Joined:Nov 2007
Message Posted: Jan 11, 2013 6:13:49 AM

A soon to be ripe time for revolution in Venezula.
Profile Pic
Ratso
Champion Author Ohio

Posts:21,394
Points:3,009,295
Joined:Sep 2003
Message Posted: Jan 11, 2013 6:13:47 AM

Phooey on Chavez ...that creep should pay the ultimate price for screwing the world the way he has done !
Profile Pic
sappie
Champion Author Massachusetts

Posts:4,991
Points:906,495
Joined:Jul 2010
Message Posted: Jan 11, 2013 6:13:43 AM

ok.
Post a reply Back to Topics