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Fireman1110's avatar

Whatever happened to the sweet deal Congressman Joe Kennedy once had with Venezuela for their Oil to needy low-income & elderly families his non-profit Citizen Energy Corporation back in the late 70's. & 80's.? In the Commercials back then Joe K. was even pumping it himself off his trucks...! Joe4Oil

Mark Bevis's avatar

As far as I understand, Venezuelan oil is of the thick heavy sulphur-inflicted heavy type, it doesn't even flow through pipes without an accelerant. It's great if all you want is to tarmac roads. But if you want to propel cars and aeroplanes, make plastics and explosives, you have to apply a lot of energy to it. If I recall correctly, the break even point of Venezuelan oil is $100 a barrel.

No oil companies are interested in this stuff unless they get (at current prices) a $50+ a barrel subsidy. Not only that, the Venezuelan oilfields have deteriorated remarkably, so would need a lot of infrastructure investment just to get them pumping again.

Trump is too dim to know the difference, he just sees everything in $$ signs. So he may be looking at the oil, but I suspect it's more him bullying small nations; an anti-socialism agenda and anti-China agenda. (Most of what oil Venezuela does sell goes to China).

There will come a point, within the next 3 decades, that all nations will have to consider mining coal, oil and gas at a loss, just to keep this sh*tshow we call civilisation going a bit longer. At that point nationalisation in all but name will occur. Or the world's economies will collapse to pre-1750 levels sooner than they otherwise will.

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