Quote:
Originally Posted by JimP
Atlas is shrugging in Venezuela. In an oil-rich country, only progressives could screw up oil production.
Even the hydro-cepheletics in the middle-east had enough sense to hire capitalists to develop their oil industry.
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He had them and then fired them. Siphoned oil $$ to line his cronies pockets and fund socialist giveaways. Not enough $$ re-invested into production + expensive to produce oil + low oil prices = not good
Peak oil production occurred in Chavez's first year in office. Been in decline ever since. Reserves are NOT the issue.