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GasBuddy News Article

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Venezuela’s phantom oil

Marketwatch -- Venezuelan President Hugo Chávez won’t be at his inauguration ceremony today in Caracas. He’s still in Cuba and gravely ill following another round of heavy-duty cancer treatments.
...
Chávez isn’t the only absentee today. Since 1999, his first year in the presidential palace, about 30% of Venezuela’s oil production has gone missing.

According to the Energy Information Administration, Venezuela’s crude output peaked around 1997 at 3.5 million barrels a day. These days it’s closer to 2.5 million.

This is a huge loss for Venezuela. Even at these reduced production levels, oil accounts for about 95% of the nation’s export earnings and 40% of government revenue. What happened?

the decline rests on 3 things: falling production on existing fields, maintenance problems and shrinking foreign ..


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Submitted Jan 11, 2013 By: BurntOrange
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Venezuela’s phantom oil Back to Topics
REPLIES (newest first) Post a Reply
honda0105
Champion Author Tallahassee

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Message Posted: Jan 15, 2013 4:56:23 AM

slice: deju posting?
slicerette
Champion Author South Bend

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Message Posted: Jan 13, 2013 11:49:26 PM

One of worst changes put in by President Chavez was the firing of almost 20,000 skilled Venezuelan oil workers and engineers and his replacements are unskilled political cronies. Because of Chavez political tirade, many Venezuelans were killed in oil refinery explosion. Venezuelan oil production dropped almost a third and the skilled oil workers fled to Columbia.

Pres. Hugo Chavez oil policies kill people.



[Edited by: slicerette at 1/14/2013 12:50:27 AM EST]
honda0105
Champion Author Tallahassee

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Message Posted: Jan 13, 2013 11:07:55 PM

hmmmm.. Communist Math on the oil?

As for Chavez, we'll see if he returns.
DrCashFlow
Champion Author Massachusetts

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Message Posted: Jan 12, 2013 10:41:05 AM

He will pass on within the week
Grizdad
Champion Author Montana

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Message Posted: Jan 11, 2013 5:44:35 PM

Sean Penn to the rescue....
wshutton
Champion Author Albuquerque

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Message Posted: Jan 11, 2013 12:57:01 PM

Must not be too bad to live in a country where a president uses oil profits for the benefit of the country's people. He has taken some things far too far but is definitely better than say Equatorial Guinea where corporate corruption rules. How Tea Party Conservative Republican and Supreme Court of the United Corporations of America of Equatorial Guinea.
nsdp
Champion Author San Antonio

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Message Posted: Jan 11, 2013 10:33:50 AM

The opposition is the group who nationalized the foreign producing assets in Venezuela back in the period from 1979-1983. So the problem of no foreign investment goes back 20 years before Chavez. What makes any one think that will change? All Chavez changed was who got the money.
hrtdi
Champion Author Vermont

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Message Posted: Jan 11, 2013 9:19:53 AM

anyway...
dgarz01
Champion Author Illinois

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Message Posted: Jan 11, 2013 8:55:06 AM

Cartel work
BillHeatherL
Champion Author Alberta

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Message Posted: Jan 11, 2013 8:51:27 AM

another excuse to use to raise gas prices
rbrk02
Champion Author Rhode Island

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Message Posted: Jan 11, 2013 8:51:05 AM

Good article. BurntOrange, thanks for posting this.

Hopefully, Venezuela will, one day, move beyond Chavez and his ilk.
sleuth696
Champion Author Nashville

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Message Posted: Jan 11, 2013 8:48:03 AM

Send Obama down there to cover Chavez' absence. Betcha Obama would screw it up worse.
SpruceGuse2
Champion Author Michigan

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Message Posted: Jan 11, 2013 8:43:40 AM

Nothing phantom about it................................
Kaiyne
Champion Author Chicago

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Message Posted: Jan 11, 2013 8:43:14 AM

May Chávez rest in peace soon.
LongPlay
Champion Author Albuquerque

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Message Posted: Jan 11, 2013 8:42:30 AM

Socialists tend to do nothing for maximum output! Greed is good; it encourages maximum efficiency.
bobcatfan
Champion Author Kentucky

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Message Posted: Jan 11, 2013 8:40:58 AM

Chavez has run Venezuela aground. Hope he never leaves Cuba.
ModelWarships
Champion Author Missouri

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Message Posted: Jan 11, 2013 8:37:28 AM

what a bunch of idiots electing him when he is barely alive.
georged12
Champion Author Michigan

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Message Posted: Jan 11, 2013 8:36:55 AM

You reap what you sow.
Beboper
Champion Author Virginia

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Message Posted: Jan 11, 2013 8:36:54 AM

oh well
ItsMorph
Champion Author Grand Rapids

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Message Posted: Jan 11, 2013 8:36:22 AM

 
Trowinsamoan
Champion Author Los Angeles

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Message Posted: Jan 11, 2013 8:35:48 AM

They deserve it.
Chadgas
Champion Author Missouri

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Message Posted: Jan 11, 2013 8:35:19 AM

What a waste of chemotherapy.
LostAgain2009
Champion Author New Mexico

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Message Posted: Jan 11, 2013 8:35:02 AM

Might the end of his regime be in sight?
MrLuigi
Champion Author Massachusetts

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Message Posted: Jan 11, 2013 8:34:31 AM

it's all part of the game oil producers play to screw with the market and send prices up and of course nothing gets done about it.....TFN
techque
Champion Author St. Louis

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Message Posted: Jan 11, 2013 8:34:14 AM

Chavez said he didn't need US. Well, he didn't need to produce oil either.
Oldzin
Champion Author Orange County

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Message Posted: Jan 11, 2013 8:34:13 AM

This is what happens when you tamper with the free market system, seize investment from the stockholders, and then play the corporation for political cronyism (read that as Obama and GM=Government Motors and how Obama just told all the stockholders "go away, your stock is worthless, we own it now").
I sure wish Obama and his cronies would pay attention to this, because they are going to cause something similar in this country with their extremist social spending agenda. It will be Hugo Chavez all over again, but on a much more massive scale.
jjjleblanc
Champion Author Rochester

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Message Posted: Jan 11, 2013 8:34:04 AM

Probably into leadership's pockets.
INBwana
Champion Author Indiana

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Message Posted: Jan 11, 2013 8:33:32 AM


"oil accounts for about 95% of the nation’s export earnings and 40% of government revenue." The other 5% of export is drugs and the other 60% of revenue is drug profits I assume!
N5EXY
Champion Author Austin

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Message Posted: Jan 11, 2013 8:32:40 AM

Le Morte d'Hugo?
Gville
Champion Author Ohio

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Message Posted: Jan 11, 2013 8:32:13 AM

Happens when you fire the real experts and replace them with cronies.
mainenightowl
Champion Author Maine

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Message Posted: Jan 11, 2013 8:30:48 AM

Doesn't Citgo oil come from Venezuela?
Digger52
Champion Author Chicago

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Message Posted: Jan 11, 2013 8:29:56 AM

OK
orphancarguyPE
Champion Author PEI

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Message Posted: Jan 11, 2013 8:29:50 AM

The next 'missing production' will be likely Saudi Arabia. The barrels of all the oil exporting countries are being scraped
kyrunner
Champion Author Lexington

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Message Posted: Jan 11, 2013 8:29:49 AM

Soon Chavez will assume room temperature and hopefully all of his corrupt goings on will be revealed.
7SPEEDY7
Champion Author Flint

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Message Posted: Jan 11, 2013 8:24:54 AM

Interesting!
slicerette
Champion Author South Bend

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Message Posted: Jan 11, 2013 7:51:47 AM

Missing from this article is the fact that Chavez fired all of Venezuelan skilled oil workers several years ago and replaced them with unskilled political cronies.

The skilled workers fled to Columbia, while Venezuela's oil production fell 30 per cent, that's what happened to the "missing" oil. It could not be pumped out by the unskilled workers.

And the lefties never protested Chavez's massive firing of 20,000 oil workers.
BurntOrange
Champion Author Austin

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Message Posted: Jan 11, 2013 6:55:14 AM

Obama sent him a get well soon card.
bar1035
Champion Author Charlotte

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Message Posted: Jan 11, 2013 6:32:31 AM

Back to 3rd world status for you Venezuela.

And I agree with gcalleja

mastermariner
Champion Author Texas

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Message Posted: Jan 11, 2013 6:27:49 AM

May stop the financing of terrorist groups.
Jeffro61
Champion Author Cleveland

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Message Posted: Jan 11, 2013 5:55:56 AM

Ok
gcalleja
Champion Author Miami

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Message Posted: Jan 11, 2013 5:53:19 AM

Couldn't be happening to a nicer guy!
jeskibuff
Champion Author Tampa

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Message Posted: Jan 11, 2013 5:45:06 AM

cheapertvs said: "Can we really thank Hugo Chavez for oil projects funding going to the Dakotas and not to oil projects in Venezuela? I believe that funding from elsewhere would have moved to oil projects in the Dakotas anyway."

Investor money goes to where investors believe they can make money. With Chavez's moronic socialistic bent, he nationalized their oil industry and took all incentive for investing away. The money naturally flowed to other potential investments and the Dakotas are a good magnet for it. That is, until Obozo manages to screw it up.
Radar1992
Champion Author Virginia

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Message Posted: Jan 11, 2013 5:40:51 AM

Chavez bought his election by providing public welfare to his people and consequently drove significant deficits to the country...

Remind you of anyone?
jeskibuff
Champion Author Tampa

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Message Posted: Jan 11, 2013 5:36:44 AM

WonderfulMI said: "He was re-elected."

Shouldn't that make you happy? Obozo and Chavez are cut from the same mold.
mandoid
Champion Author Alabama

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Message Posted: Jan 11, 2013 5:21:05 AM

banana republic - where we are heading
WonderfulMI
Champion Author Michigan

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Message Posted: Jan 11, 2013 5:19:44 AM

He was re-elected.
sawdust1825
Champion Author Illinois

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Message Posted: Jan 11, 2013 5:18:05 AM

He is a cancer to society and his country
TommyTraveler
Champion Author Cincinnati

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Message Posted: Jan 11, 2013 5:13:49 AM

A soon to be ripe time for revolution in Venezula.
Ratso
Champion Author Ohio

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Message Posted: Jan 11, 2013 5:13:47 AM

Phooey on Chavez ...that creep should pay the ultimate price for screwing the world the way he has done !
sappie
Champion Author Massachusetts

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Message Posted: Jan 11, 2013 5:13:43 AM

ok.
alphanyr
Champion Author Connecticut

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Message Posted: Jan 11, 2013 5:12:12 AM

Ok
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