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Banned
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[QUOTE=guyy]
Quote:
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Originally Posted by powerclown
He's not addressing the long-term implications of poverty, he's perpetuating them. He's not generating real solutions and opportunities for poor people in Venezuela, he's soothing them into tranquility and obedience. He's exploiting the poor, not helping them. He's overturned legislation in favor of perpetuating his presidency indefinitely. He controls the Legislature, the Supreme Court, 2 Armed Forces, the only relevant source of state revenue (oil), and the institution that monitors electoral rules.
Rather than mending the country's catastrophic healthcare system, he opens a few military hospitals for selected patients and brings in Cuban doctors to run ad hoc clinics. Rather than addressing the economy's lack of competitiveness, he offers subsidies and protection to economic agents in trouble. Rather than killing inflation, which is crucial to alleviating poverty, Chavez sets price controls and creates local grocery stores with subsidized prices. Rather than promoting stable property rights to boost investment and employment, he expands state employment.[\QUOTE]
Oh dear, things do sound so dreadfully horrid! It's so very much like the muddle we have here at home, what with the failing health care system and visas for Cuban doctors, exploitation of the poor, authoritarian dunderheads running amok, etc...
One thing is missing, though: the Commie bits. Where's the Communism?
Well, yeah, given the definition of communism and socialism as Something Very Bad, it's only a Matter of Time before the predetermined end is reached.
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The state.gov site shows a statistic that, before Nov, 2003:
....and powerclown and ace post that "the bad people", are the ones who have brought about this transformation:
Quote:
http://www.state.gov/r/pa/ei/bgn/35766.htm
Bureau of Western Hemisphere Affairs
February 2007
......There is considerable income inequality. The Gini coefficient was 0.45 during 2006.
According to government statistics, the percentages of poor and extremely poor among Venezuelan population were 33.9% and 23.2%, respectively, in 2006.....
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....and the Venezuelan Gini coefficient has improved to where it matches the .45 that we in the US, "enjoy".....
A pre-requisite for the continued posts from powerclown and ace is that they ignore the core point that I have made and supported...
Venezuela has a huge petroleum export potential....much greater than the potential for the US to continue to pay for vast volumes of imported petroleum. If the price of petroleum falls, it will be because of a decline in economic activity of the nation that uses 25 percent of the world's total daily petroleum output, running up an ever increasing amount of debt, in exchange for this petroleum...
Venezuela; important exporter of petroleum....a source just 4 0r 5 days shipping days away from US refineries, vs. alternative middle eastern sources, 35 to 40 shipping days away.
US, the world's leading debtor nation, running an $850 billion annual trade deficit, and a chronic $400 billion annual treasury debt increase rate, driven by off-budget expenses for ill planned, and executed wars and occupations, and for off the books appropriations designed to make the official "budget deficit", appear to be improving....when it must compete with a legacy in year ending October, 2000, of just an $18 billion annual treasury debt increase....
Yet powerclown and ace post no sign that they are concerned about the impending and seemingly unavoidable US dollar and domestic economy "train wreck" trend that is the exact opposite of the trend that the Venezuelan people, led by Mr. Chavez, a leader who appears to be executing in a way that demonstrates talent and ability that we in the US can only envy. Chavez enjoys excellent relations with leaders and populations in almost the entire hemisphere, and his concern and compassion for the poor set an inspiring example of his humanity, vs.
Mr. Bush's "record" ????
The following article tells us that the Venezuela national oil company holds financial stakes in more than half of the heavy crude oil refineries in the US that if ships oil to, and makes a convincing case that the US cannot curtail Venezuelan oil purchases without inflicting at least as much pain on itself, as it might inflcit on Venezuela, an exporter with more options than the US if the trade relationship was diminished, especially since the US goes further in debt to buy every imported barrel, while Venzuela grows wealthier with each barrel of oil that it sells, whether to the US or to the Asian market....
Quote:
http://www.eia.doe.gov/pub/oil_gas/p.../vzimpacts.htm
Impacts of the Venezuelan Crude Oil Production Loss
By Joanne Shore and John Hackworth1
Introduction
The loss of almost 3 million barrels per day of crude oil production in Venezuela following a strike in December 2002 resulted in an increase in the world price of crude oil. However, in the short term, the volume loss probably affected the United States more than most other areas. This country receives more than half of Venezuela's crude and product exports, and replacing the lost volumes proved difficult....
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Quote:
http://www.stockhouse.com/mediascan/...newsid=8858220
Saudis slap big hike on heavy crude oil prices
8/6/2007 6:17:00 PM ET
The Standard
Saudi Arabia has raised the official selling prices of its heavier crudes in September by more than expected for Asian buyers, setting Arab Heavy at its highest in two years, traders said yesterday.
The world's top oil exporter also raised prices to Europe but cut the OSPs sharply for all its crude supplies to the United States. For Asian customers, Arab Heavy was set at a discount of US$3.60 (HK$28.08) a barrel to the Oman/Dubai average, up 70 percent from August and at the strongest level since July 2005, exceeding the top end of forecasts in a survey last week.
<h2>"Refiners in Asia are all after medium and heavy crudes. It's very economical for them now</h2>," a seller said, referring to the relatively cheaper heavy crude grades compared with lighter Brent-linked crudes.....
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Quote:
http://www.eia.doe.gov/emeu/cabs/Venezuela/Oil.html
<img src="http://www.eia.doe.gov/images/eia_new.gif">
According to Oil and Gas Journal (OGJ), Venezuela had 79.7 billion barrels of proven conventional oil reserves, the largest amount in the Western Hemisphere. This estimate, however, does not include substantial extra-heavy and bitumen deposits, which could be as high as 270 billion barrels. Venezuela is a founding member of the Organization of Petroleum Exporting Countries (OPEC), and it is a significant supplier of crude oil to the world market: in 2005, Venezuela was the world’s eight largest net oil exporter, and the largest net oil exporter in the Western Hemisphere......
....Exploration and Production
Venezuela’s actual level of crude oil production is difficult to determine, with the country and independent industry analysts offering differing estimates. According to statements by the Venezuelan government, the country currently produces 3.3 million bbl/d of oil. On the other hand, most industry analysts and EIA estimate that the country currently produces 2.8-2.9 million bbl/d of oil. These estimates conclude that the country has not fully recovered from the strikes of 2002-2003 and that secondary indicators, such as economic data from Venezuela’s central bank, support a lower production figure. ......
....In the past, Venezuela regularly exceeded its OPEC crude oil production quota. However, since his election in 1998, President Chavez has maintained a policy of strong adherence to the country’s quota, seeking to increase oil revenues through higher world oil prices rather than increased production. In order to meet its quota obligations, Venezuela has occasionally shut-in some production and delayed bringing new capacity online. Most independent analysts believe, though, that Venezuela is currently producing well below its current (July 2005) quota of 3.22 million bbl/d of crude oil.
PdVSA
It is difficult to assess how much oil PdVSA actually produces, due to the issues discussed above. Independent analysts estimate that the company produces around 1.6 million bbl/d of crude oil, or around 60 percent of Venezuela’s total crude oil production (Note: this estimate includes 100,000 bbl/d of crude oil production capacity that was formerly held by OSA operators, but is now operated directly by PdVSA). This represents a decrease of 30 percent below independent estimates of pre-strike PdVSA crude oil production of 2.2 million bbl/d. On the other hand, PdVSA executives maintain that the company has fully revoked from the strike and currently produces at least 2.2 million bbl/d.
Venezuela has four major sedimentary basins: Maracaibo, Falcon, Apure, and Oriental. The crude oil held in these fields has an average API gravity of less than 20°, making Venezuela's conventional crude oil heavy by international standards. As a result, much of Venezuela’s oil production must go to specialized domestic and international refineries. The Maracaibo basin contains slightly less than half of PdVSA’s oil production. The fields in this area are very mature, requiring heavy investment to maintain current capacity. Centers of production in the area include Tomoporo, Lagunillas, and Tiajuana. In late 2004, PdVSA completed an expansion project at the Tomoporo field that increased production to 116,000 bbl/d from 100,000 bbl/d. PdVSA stated that Tomoporo contains over one billion barrels of recoverable reserves, and the company hopes that future expansion will increase production at the field to 250,000 bbl/d by 2008. Adjacent to Tomoporo, PdVSA is also conducting exploratory operations in the Franquera field, which it believes contains 500 million barrels of reserves. PdVSA hopes to increase production from the Tiajuana field from its current 312,000 bbl/d to 527,000 bbl/d by 2012. In order to mitigate steep decline rates in the Maracaibo Basin, PdVSA re-injects natural gas into the reservoirs in order to increase pressure.
In general, the fields in the Oriental basin are less mature than those in the west, and they were some of the first fields brought online after the 2002-2003 strike. In November 2004, the company announced that it had discovered sizable deposits of medium crude oil in the Travis field, also in Monagas state.....
....Strategic Associations
Venezuela contains billions of barrels in extra-heavy crude oil and bitumen deposits, most of which are situated in the Orinoco Belt in central Venezuela. Estimates of the recoverable reserves from the Orinoco Belt range from 100 to 270 billion barrels. PdVSA has established four strategic associations to exploit these resources. The strategic associations convert the extra heavy crude and bitumen from approximately 9° API to lighter, sweeter crude, known as syncrude, at the Jose refinery complex on Venezuela’s northern coast. According to industry estimates, the four projects currently produce a combined 580,000 bbl/d of syncrude (see table).
Venezuela plans to aggressively develop the Orinoco Belt oil resources in the coming years. PdVSA has begun a reserves certification program to increase the amount of proven oil reserves held by the country. The program, dubbed “Magna Reserva,” includes seismic studies conducted by their company and several foreign partners in 27 blocks, and it is the first step towards more aggressive development of the Orinoco Belt reserves: companies that participate in the Magna Reserva will be the first considered for new upstream developments. PdVSA has teamed almost exclusively with foreign national oil companies for the program, including Petrobras (Brazil), Petropars (Iran), CNPC (China), and ONGC (India)......
....Orimulsion
Orimulsion® is a patented product developed by PdVSA for use as a boiler fuel. PdVSA markets Orimulsion as an alternative to coal or fuel oil, especially in power plants. It is a mixture of approximately 70 percent natural bitumen, 30 percent water, and less than 1 percent surfactants (emulsifiers). Bitumen is a non-oil hydrocarbon and not counted towards Venezuela's OPEC crude oil production quota.
The future of Orimulsion production is unclear. In 2005, PdVSA announced that it would cease Orimulsion production and close its sole production facility in Cerro Negro. According to the company, high world oil prices meant that it was more profitable to sell Orimulsion feedstock directly. However, in 2006, PdVSA and CNPC inaugurated the new Sinovensa project, which will supply two power plants in China and meet some of PdVSA’s Orimulsion supply commitments. Sinovensa currently produces 80,000 bbl/d of Orimulsion, eventually peaking at 125,000 bbl/d.
Venezuela consistently ranks as one of the top four sources of U.S. oil imports. Exports
The United States is the largest destination of Venezuela’s petroleum exports. During the first half of 2006, Venezuela exported 1.45 million bbl/d of crude oil and petroleum products to the United States, 8 percent lower than the same period last year. Over the long term, Venezuela’s exports to the United States have increased, but its share of U.S. total imports has fallen from 50 percent in 1960 to 11 percent in 2005. The U.S. Gulf Coast is the largest recipient of these imports, with refineries there specifically configured to handle Venezuelan crude varieties.
Besides the United States, other important destinations of Venezuelan petroleum exports include South America, Europe, and the Caribbean, though much of the crude oil that is exported to the Caribbean is later re-exported as petroleum products to the United States. One of the fastest growing destinations of Venezuelan crude oil exports has been China. FACTS reported that China imported 69,600 bbl/d of crude oil from Venezuela during the first half of 2006, up from 27,500 bbl/d during the same period in 2005. Venezuelan petroleum product exports to China are also increasing, especially fuel oil and Orimulsion from the Sinovensa facility (see above). In recent years, Venezuela has prioritized the diversification of its petroleum export destinations away from the United States, but the U.S. market will likely still remain Venezuela’s most important market for the foreseeable future.
Refining
According to OGJ, Venezuela has 1.28 million barrels per day (bbl/d) of crude oil refining capacity, all operated by PdVSA. The major facilities include the Paraguana Refining Center (955,000 bbl/d), Puerto de la Cruz (195,000 bbl/d), and El Palito (126,900 bbl/d). PdVSA announced in August 2005 that it would spend $5 billion to build three new refineries in Venezuela and upgrade two existing facilities, El Palito and Puerto la Cruz.
CITGO
CITGO is a wholly-owned subsidiary of PdVSA that has some 14,000 branded retail outlets (both directly owned and affiliates) in the United States. CITGO operates three product refineries (Lake Charles, LA; Corpus Christi, TX; Lemont, IL), with a combined crude oil distillation capacity of 755,400 bbl/d. The company also holds a 50 percent stake in Lyondell’s Houston, TX refinery, though Lyondell announced in August 2006 that it will be buying CITGO’s stake for $2 billion. Finally, CITGO operates two asphalt refineries (Paulsboro, NJ; Savannah, GA), which it has been trying to sell. CITGO sources most of its crude oil under long-term contracts with PdVSA, though the Lemont facility receives most of its feedstock from Canada. Besides its holding through CITGO, PdVSA also owns shares in some U.S. crude oil refining capacity directly, including a 50 percent stake in the Chalmette facility in Louisiana and certain units at ConocoPhillips’ Sweeny, Texas refinery.
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Quote:
http://news.bbc.co.uk/2/hi/americas/4871938.stm
Monday, 3 April 2006, 11:54 GMT 12:54 UK
Chavez rules out return to cheap oil
By Meirion Jones
Producer, BBC Newsnight
If you thought high oil prices were just a blip think again - Venezuelan President Hugo Chavez has ruled out any return to the era of cheap oil.
President Chavez launching one of his government's social initiatives
Mr Chavez has spent some of the oil money on social projects
In an interview with BBC Newsnight's Greg Palast, Mr Chavez - who is due to host the Opec meeting on 1 June in Caracas - said he would ask the oil cartel to set $50 a barrel as the long term level.
During the 1990s the price of oil had hovered around the $20 mark falling as low as $10 a barrel in early 1999. ....
....Analysis by the US Department of Energy (DoE) - seen by Newsnight - shows that at $50 a barrel Venezuela - not Saudi Arabia - will have the biggest oil reserves in Opec.
Venezuela has vast deposits of extra-heavy oil in the Orinoco. Traditionally these have not been counted because at $20 a barrel they were too expensive to exploit - but at $50 a barrel melting them into liquid petroleum becomes extremely profitable.
<h3>The DoE report shows that at today's prices Venezuela's oil reserves are bigger than those of the entire Middle East - including Saudi Arabia, the Gulf states, Iran and Iraq.</h3>
The US agency also identifies Canada as another future oil superpower.
Venezuela's deposits alone could extend the oil age for another 100 years.
The DoE estimates that the Venezuelan government controls 1.3 trillion barrels of oil - more than the entire declared oil reserves of the rest of the planet.
Mr Chavez told Newsnight that "Venezuela has the largest oil reserves in the world. In the future Venezuela won't have any more oil - but that's in the 22nd Century." ....
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Last edited by host; 08-08-2007 at 05:01 PM..
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