The wonders of socialism.
How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
11–20 of 186 posts
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#12> Early this year, the United States began shipping more than 50,000 barrels a day of the light crude that Venezuela needs to prepare its own oil for export What does this mean? How does this work? Why do you need oil to make oil?
http://canaryusa.com/crude-oil-refinery-primer/
chart indicates venezuela produces mainly heavy crude oil, which isn't as good for making gasoline, which i'm guessing is used pretty extensively to make and ship petroleum products from heavy oil.
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#13> Early this year, the United States began shipping more than 50,000 barrels a day of the light crude that Venezuela needs to prepare its own oil for export What does this mean? How does this work? Why do you need oil to make oil?
This is addressed in the article: the oil industry in Venezuela is in disarray, so the country can't rely on its own supply. They have enormous reserves, but they can't reliably draw from it or refine it.
They should just lease out licenses to allow foreign companies to draw the oil themselves and use the proceeds to fix their own oil infrastructure.
They have so many options to chose from to fix their economy. It seems like they don't have the will to fix anything. I wouldn't be surprised if there is some sort of corruption going on.
The leaders of the country seem to be intentionally draining the money out of the country (and personally profiting from this).
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#14> Early this year, the United States began shipping more than 50,000 barrels a day of the light crude that Venezuela needs to prepare its own oil for export What does this mean? How does this work? Why do you need oil to make oil?
[deleted]
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#15Earlier quoted context omitted.
This is addressed in the article: the oil industry in Venezuela is in disarray, so the country can't rely on its own supply. They have enormous reserves, but they can't reliably draw from it or refine it.
They should just lease out licenses to allow foreign companies to draw the oil themselves and use the proceeds to fix their own oil infrastructure. They have so many options to chose from to fix their economy. It seems like they don't have the will to fix anything. I wouldn't be surprised if there is some sort of corruption going on. The leaders of the country seem to be intentionally draining the money out of the co…
Venezuela's oil industry is nationalized.
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#16> Early this year, the United States began shipping more than 50,000 barrels a day of the light crude that Venezuela needs to prepare its own oil for export What does this mean? How does this work? Why do you need oil to make oil?
"But the oil extracted in Venezuela is very heavy and hard to refine and then sell to other countries. Venezuela needs to first mix its heavy oil with lighter types of crude to balance out the quality, according to Nilofar Saidi, an oil market analyst at ClipperData."
http://money.cnn.com/2016/02/03/news/economy/venezuela-impor...
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#17Earlier quoted context omitted.
This is addressed in the article: the oil industry in Venezuela is in disarray, so the country can't rely on its own supply. They have enormous reserves, but they can't reliably draw from it or refine it.
They should just lease out licenses to allow foreign companies to draw the oil themselves and use the proceeds to fix their own oil infrastructure. They have so many options to chose from to fix their economy. It seems like they don't have the will to fix anything. I wouldn't be surprised if there is some sort of corruption going on. The leaders of the country seem to be intentionally draining the money out of the co…
Sounds like a job that needs competence, and they don't seem to have much of that in the government.
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#18> Early this year, the United States began shipping more than 50,000 barrels a day of the light crude that Venezuela needs to prepare its own oil for export What does this mean? How does this work? Why do you need oil to make oil?
Also, consider that gasoline for cars and electricity have been heavily subsidised for a good number of years, this has caused oil demand to be always high.
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#19Earlier quoted context omitted.
This is addressed in the article: the oil industry in Venezuela is in disarray, so the country can't rely on its own supply. They have enormous reserves, but they can't reliably draw from it or refine it.
They should just lease out licenses to allow foreign companies to draw the oil themselves and use the proceeds to fix their own oil infrastructure. They have so many options to chose from to fix their economy. It seems like they don't have the will to fix anything. I wouldn't be surprised if there is some sort of corruption going on. The leaders of the country seem to be intentionally draining the money out of the co…
Somehow I don't imagine Royal Dutch Shell will be that eager to dive in again, unless they've got some very strong assurances that the next government isn't going to just pull the rug out from under them again...
Re: How Bad Off Is Oil-Rich Venezuela? It’s Buying U.S. Oil
#20> Early this year, the United States began shipping more than 50,000 barrels a day of the light crude that Venezuela needs to prepare its own oil for export What does this mean? How does this work? Why do you need oil to make oil?
I think it's more like, the current economy needs X barrels to function. Because the people who control the oil fields have been lax in maintenance, they're now producing X - 50,000 barrels. They could produce much greater than X, but the current system is crufty and broken.
It's the opposite of a bootstrapping problem. Consider running microservices. you need logging, monitoring, continuous deployment, all kinds of very specialized stuff. Now, your resources decline dramatically, and your paging system doesn't work anymore. You've grown beyond the point that it can be handled manually, what do you do? Software is kind of a goofy example, because those kinds of problems can be fixed fairly quickly. A better example might be AWS increases it's prices x100, and there are no alternatives. It's going to take a while to buy servers, internet access, find a place for them to live, and move everything over. In the real world, equipment is expensive. If you let the billion dollar pipeline (or whatever) decay, you can't just whip up another pipeline on Wednesday. It takes months or years to restore that service.