samhill wrote:Richard, I believe that before Chavez most of the oil there was under U.S. & British control & they were naturally ripping that country off,.
US companies are just damn good at what they do hence the reason they are in demand across the world for their services. There is a reason a country like China looks to a company like Exxon to partner with to build an oil refinery. In Venezuela now that the people that know what the are doing are gone and becsue of the lack of reinvestment Venzuela's oil industry is crumbling. That has led to more accidents both industrial and environmental, I'm not making this *censored* up...
What happens when their oil runs out, I would venture to say the same thing as when our reserves run out & when we no longer produce the products that we need & we are well on our way there already
Sam when their oil runs out that country is going to collapse, there is nothing to replace it. Did you know the state run oil company is in debt? If you want an analogy it's like one of these stories you hear about the guy who won a couple million on the lottery and is broke a few years later. That's the road Venezuela is going down.