[Venezuela] Country's oil reserves may exceed Saudi Arabia's

Really? I hear that they now have both healthcare and education that was simply not there for the peasants before Chavez.

 

This is huge news. Any attempt to break up the robber barons known as OPEC is welcomed in my book. Venezuela would essentially flood the market with their below market priced oil driving down the worldwide price of oil for everybody else due to an increase in overall supply. As TL mentioned, this could serve to set back the alternative fuel industry many years if oil suddenly becomes much cheaper. That would be the negative angle of this.

I believe this move would be very positive for the US economy, even if the extra Venezuelan oil goes someplace else (some other countries would need to first build out refineries that can take the heavy, sour crude that Venezuela has) since the worldwide price of oil would be lowered. You can expect OPEC to fight this move by Venezuela pretty fiercely. In an ideal case scenario, the Saudis could simply churn out more of their ultra cheap crude and lower the price of oil below $50 and render Venezuela's heavy, sour crude useless. The Saudis always have the upper hand in the worldwide oil market since they have the cheapest oil. It doesn't matter if you have a lot of oil if it's expensive to extract.

 

Hell, you can throw Everclear in your gas tank and it would run. It wouldn't have much power, but it would go.

 

texxx how do you reconcile your capitalistic conscious with your altruistic conscious of dealing with a homicidal dictator?

 

If he wants to pull this stunt on the worldwide oil market, I'm all for it.

This move to lower the worldwide price of oil would make my stocks go up, so I'd make more money. Not to mention I'd spend less money on gas. More bling bling for bigtexxx

 

Do you mean conscience?

con·science ( P ) Pronunciation Key (knshns)
n.

The awareness of a moral or ethical aspect to one's conduct together with the urge to prefer right over wrong: Let your conscience be your guide.
A source of moral or ethical judgment or pronouncement: a document that serves as the nation's conscience.
Conformity to one's own sense of right conduct: a person of unflagging conscience.
The part of the superego in psychoanalysis that judges the ethical nature of one's actions and thoughts and then transmits such determinations to the ego for consideration.

 

Except he was getting 40+ mpg and paying less than a dollar for a gallon of his homebrewed stuff.

 

Now don't go all hayes on me!

 

In other words, more polyester shirts and white man overbite on the dancefloor for the texxxxxter.......

 

This is terrible news for America and our ally Saudi Arabia. Hopefully OPEC can crush these anti-capitalistic Venezualan heathens.

 

Actually he has brought in a lot for the poor of his nation. Their health care, education, have gone from non-existent to a basic level. The standard of living for the poor of Venezuela has risen 33%. The overall standard of living in Venezuela has risen 17% under Chavez.

 

Link? Can we get some numbers that don't come from Chavez's PR machine?

 

homicidal dictator??? wow talk about name-calling and propaganda

also, venezuela is a member of opec, thus, they will only provide cheap oil to their allies like cuba, who in return sends doctors to venezuela to help the poor

 

What does being a member of opec have to do with providing cheap oil to Cuba?

 

It doesn't matter where Venezuela's oil will go, it will still lower the worldwide price of oil since there will be a large supply increase. The US still stands to benefit.

 

Not my term. Used by some of the more conservative posters here. BTW welcome to the board!

 

The statistics I quoted were from an NPR radio program, and I even tried to search NPR's site, a little but didn't find the exact program I heard it on. The panel was anything but PR from Chavez. They were all American pundits discussing what Chavez had done, and this was one of the positives mentioned along with a slew of negatives.

Here are some other numbers though.

Here is something mentioning the poorest Venezuelans seeing their standard of living increase by 1/3 which would coincide with the numbers I heard on NPR

 

The AxisofLogic? Hmmm, methinks it might not be a stretch to question the objectivity of said source.

 

One of the main links on the home page of the "Axis of Logic" takes you to

http://www.venezuelasolidarity.org.uk/ ....BUSTED like the Beejster on Kos...

Hilarious. FranchiseBlade, it's no wonder you have all those misguided thoughts. Your education seems to come from places like "The Axis of Logic".

Hint: just because they claim to be logical, doesn't mean that they really are...

 

Do you have a source that says otherwise, though?