Article

2005-12-20 Caribbean-Latin America

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Posted by Steve 2005-12-20 08:44|| || Front Page|| [3 views since 2007-05-07] Top

#1 Venezuela nationalized foreign oil interests (or at least Gulf Oil Co. interests) some 40 years ago, at roughly the same time Kuwait did. I guess they're doing it again, though it didn't seem to do them much good the last time.

Posted by Glenmore">Glenmore 2005-12-20 09:02|| 2005-12-20 09:02|| Front Page Top

#2 The Venezuelan state has a lot of assets in the US (Citgo, refineries) that can be siezed in compensation.

Posted by ed 2005-12-20 09:42|| 2005-12-20 09:42|| Front Page Top

#3 This means that Venezuela, which has the world's largest petroleum reserves, now calls the shots in what the foreign guests can and cannot do.

I call BS. I thought Soodi land and Kuwait had the world's largest reserves. Actually, a chart I have showing 2004 estimates of PROVEN reserves shows Venezuela as #6 in the world (behind, in order: Saudi, Iran, Iraq, U.A.E., Kuwait). You add in oil from tar sands, and Canda jumps in there too (actually, right behind Saudi in that case).

Posted by BA 2005-12-20 09:56|| 2005-12-20 09:56|| Front Page Top

#4 BA nails it. BBC BS - no fact checking. I expect they meant in South America.

Posted by Alpha Spemble1220 2005-12-20 10:34|| 2005-12-20 10:34|| Front Page Top

#5 Which is why all good Americans should cut their gas usage and why we need to exploit alternative energies now.

Why negotiate when you can eventually ignore.

Posted by Penguin 2005-12-20 11:46|| 2005-12-20 11:46|| Front Page Top

#6 ...Put a platoon of Marines on each Exxon site, then tell the Venezuelans to come and get it. Betcha they reoconsider.

Mike

Posted by Mike Kozlowski 2005-12-20 13:30|| 2005-12-20 13:30|| Front Page Top

#7 Two or three United States Marines, MRE's for a week or two, some C&W CD's, a radio and AV-8B Harrier support should do it nicely.

Posted by Besoeker 2005-12-20 13:57|| 2005-12-20 13:57|| Front Page Top

#8 How large their reserves are is strongly dependent on what you count as reserves: Venezuela has HUGE amounts of very heavy oil ('tar sands') - at current prices these are economic reserves (exploitation of similar Canadian deposits is accelerating.) I am not aware of any similar tar sands in Saudi Arabia, so Venezuela actually may have the largest reserves - with Canada second (I am not sure though

Posted by Glenmore">Glenmore 2005-12-20 16:28|| 2005-12-20 16:28|| Front Page Top

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