Mercury Rising 鳯女

Politics, life, and other things that matter

The greasy pole

Posted by Charles II on July 24, 2011

Reuters:

OPEC’s proven crude oil reserves rose 12.1 percent in 2010 to 1.19 trillion barrels led by Venezuela, which has surpassed Saudi Arabia as the group’s largest reserves holder, OPEC said in its Annual Statistical Bulletin.

This is heavy oil in the Orinoco basin, not so easy to exploit. And a rise in reserves may not translate into a rise in production, given that Iran’s oil production is falling due to sanctions and Canada’s production from tar sands has serious environmental costs.

One can predict that the US will do everything it can to wrest control of Venezuela from the Socialists.

3 Responses to “The greasy pole”

  1. jo6pac said

    Yes, I’ve been wondering how long until we really cause more trouble there since Hugo is in Cuba. I sure hope his #2 is as strong as he is and popular or that country falls by next summer if not sooner. How Sad, I hope for a full recovery.

    • Charles II said

      One of the greatest failures of the Chavez era was the failure of an independent leadership to emerge. When he goes, I predict the right will take power, though probably after an interregnum.

      • jo6pac said

        Yes, that has alway bothered me that he has no real strong person to follow unlike Brazil. He just did do this correctly, but good for Amerikan oil companies and not for Main Street in either country.
        Time for wine and think about dinner.

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