Posted on 02/07/2016 6:36:37 PM PST by doldrumsforgop
Venezuela has more oil than any other country on the planet.
But it just bought a bunch of American crude.
A ship carrying half a million barrels of oil that was pumped in the U.S. docked at a terminal owned by Venezuela last week, according to oil data research firm ClipperData. The shipment was sent to a facility located on the Dutch island of Curacao in the Caribbean.
The fact that Venezuela is importing American oil is raising eyebrows because Venezuela has 298 billion barrels of proven oil reserves, according to the Energy Information Administration. That's more than Saudi Arabia, Russia or Iran and eight times the reserves of the United States.
But the oil extracted in Venezuela is very heavy and hard to refine and then sell to other countries. Venezuela needs to first mix its heavy oil with lighter types of crude to balance out the quality, according to Nilofar Saidi, an oil market analyst at ClipperData.
Saidi said Venezuela had already been importing lighter types of crude oil from Russia, Angola and Nigeria.
"It's just cheaper to bring a tanker of light crude from the U.S. Gulf than to ship it from West Africa or North Africa," says Nilofar Saidi, an oil market analyst at ClipperData.
(Excerpt) Read more at money.cnn.com ...
They should be importing toilet paper and food.
Bush should’ve attacked Venezuela and Bolivia for nationalizing our oilfields. The government should defend the property rights of corporations run by American citizens, simple as that. We have no other choice than to defend our national interests.
Living in Boston, I hate walking past Fenway and seeing the Citgo sign. It’s a banner of socialism on free American soil.
Their government nationalized the oil industry and then turned it into a political tool where they hired so many useless people and thugs with what money it made, and then production declined because these political hires don’t know their job and the government didn’t buy parts, train workers etc
socialism fails
Venezimbabwe is a messed up country
That is another thing, they don’t pay their bills if they can help it.
yep
All those oil exporting countries that was lording over us about oil imports are now coming to us - isn’t karma a biatch?
Okay, well IF IF IF that’s the case, that’s better. But we need to expand our refinery capacity in the US. And it sounds like we need to add some that can handle light crude.
I also believe in the miracle of oil. God does provide.
Hope they paid for it.
Well said.
American entrepreneurial ingenuity came through again, despite the government.
Maybe Venezuela can rely on their free market to make new refineries. Oh, I forgot they got rid of their free market.
:)
Nationalization is just another euphemism for theft. Yes, our government should have stepped in.
“The government should defend the property rights of corporations run by American citizens, simple as that”
They will not even do that here.
They are picking winners and losers. Imagine if you were running a successful coal company for years and suddenly the govt decides coal is bad so they make such onerous regulations you cannot comply with them and stay in business.
Is that defending the property rights of Americans who run corporations?
“Nationalization is just another euphemism for theft. Yes, our government should have stepped in.”
The US would have had to step in also to all countries in the ME who nationalized our assets, Libya, Algeria, Indonesian, the list goes on and on and on.
Why not start in our own country and stop the nationalization by Obama who is acting like a king telling us we cannot drill on federal lands that he does not own, but citizens own. or the destruction of the coal industry which is happening right before our eyes?
No argument there.
That shows exactly how bad it is that Comrade Sanders has so many votes.
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