Chavez oil company could collapse!

[RICHICOQUI]

http://www.star-telegram.com/business/story/542299.html

[Ordie]

1/3 of Venezuela's oil is dedicated to subsidized domestic consumption at 20 cents a gallon and export to 'friendly' countries such as Cuba, Nicaragua.

Orinoco Cude is difficult and more expensive to refine

Chavez has not taken care of the Goose that lays the Golden egg.

BTW: Mexico's PEMEX is in the same situation

[Rictor]

It seems that subsidies for domestic consumption is a trap that many oil-wealthy nations fall into. Iran is in the same boat. If they just charged market rates internally, or even slightly less, they may be in a better position. But that, of course, might get the population pissed.

[Laworkerbee]

It seems that subsidies for domestic consumption is a trap that many oil-wealthy nations fall into. Iran is in the same boat. If they just charged market rates internally, or even slightly less, they may be in a better position. But that, of course, might get the population pissed.

Iran did implement some rationing and price hikes recently, they have not been popular.

[chuckster]

Me thinks Mr. Chavez is his own worst enemy!

[Breakfast in Vegas]

Do you think Chavez ever posed **** because "he just needed the money?"

Wouldn't that be embarassing right now?

[RICHICOQUI]

Chavez and his boot lickers that in his goverment have been using the oil company as thier personal ATM!! they take trips to vegas, miami, using the company plane. they drive around in roll royces, bmw, benz, They wear the best clothes wear rolex watches. But chavez and his people shouting in front of tv cams socialism or death give me a break!!

[Tomahawk]

I believe I saw a documentary mentioning something about supplying a million barrels of heavy oil a day to China for refining?