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Two BBC journalists were expelled from Venezuela

Tuesday, January 17, 2017

Bullish on Oil


It is no secret that socialism always ends in food shortages and bankruptcy. In Venezuela, they have run out of other people's money. The country will go bankrupt in 2017. What you may not know is that Venezuela has 20% of the global oil reserves, and it sends its oil to the United States for refining. In 2016, it exported 2.15 million barrels a day. This, too, is dropping rapidly. The country can no longer pay wages, keep the lights on, or afford to pump. This oil will have to be replaced. Even though it isn't what it used to be, Venezuela’s oil production (2.2 mb/d) is considerable, and any stoppage will send prices higher. More…

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