[mndgs]

Lots of empty emotional statements, generalisations with no facts supporting them. Why bring this here? Release your anger somewhere else and really think about the issue before posting rants.

Otherwise, a really nice overview on the Venezuelan oil. Thank you.

EDIT: oh, I see I'm in the minority with such opinion here. Well, that's ok, let the bashing begin..

[ggm]

No, your view is valid. The people in Venezuela deserved better than the government they had, and expropriation of the oil assets broke the system and they were left to rot. It's stupid. The parade of refugees down through Brazil to Uruguay and beyond tells a tale.

But lets not pretend this is about global oil prices, or that the oil is good oil to work with. The huge reserves are there (ie unexploited, in the ground) for a reason: it wasn't economic to exploit them.

So why has that changed now? I don't think it has.

Honestly? I don't think my words were particularly angy. Writer-Reader impedence mismatch. Your own are hardly un-emotional I might add, but lets keep off ad hom, it doesn't go anywhere useful.

teapot dome forever!

[bryanlarsen]

ggm only needs one fact to support his argument: the current price of oil is $63.

That says two things:

- it's cheap therefore the market thinks it's abundant - $63 is less than the Venezuelan cost of production.

More supporting facts: Gasoline demand is dropping in China despite the Chinese buying cars at a very quick rate. But oil demand is flat because petrochemical demand is increasing.