Venezuela - Leftist Paradise

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  • [ – ] weiggie66 reply Venezuela is important due to it's oil reserves. This information from wikipedia: Venezuela has the largest oil reserves, and the eighth largest natural gas reserves in the world, and consistently ranks among the top ten world crude oil producers.[222] Compared to the preceding year another 40.4% in crude oil reserves were proven in 2010, allowing Venezuela to surpass Saudi Arabia as the country with the largest reserves of this type.[223] The country's main petroleum deposits are located around and beneath Lake Maracaibo, the Gulf of Venezuela (both in Zulia), and in the Orinoco River basin (eastern Venezuela), where the country's largest reserve is located. Besides the largest conventional oil reserves and the second-largest natural gas reserves in the Western Hemisphere,[224] Venezuela has non-conventional oil deposits (extra-heavy crude oil, bitumen and tar sands) approximately equal to the world's reserves of conventional oil.[225]
    • [ – ] sowhat_vid_me parent reply I did not know that. Strange that they are devastated despite of that.
      • [ – ] Inaflap parent reply Crude oil prices have been depressed by over production courtesy of Saudi Arabia and the United States. You might think that SA would want to limit supply to drive prices, but they've kept production above demand for years now. Meanwhile the US with its shale drilling, has become the world's biggest oil producer. Venezuela has the biggest oil reserves in the world, but they are over reliant on a single source of income, which can be manipulated by SA and the US. I would not be surprised to see the US move in on Venezuela... to save the people from failed socialism. They'll want that oil. The people will be grateful for some food... though it'll probably be Muck Donalds, and they'll go from skinny to obese in a few years. They might not consider their nation was destabilised by the country that brings them democracy. http://www.telegraph.co.uk/finance/newsbysector/energy/oilandgas/11258509/Opec-refuses-to-cut-oil-production-prices-slump-to-five-year-low.html
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