OSUGT Posted October 13, 2008 Report Share Posted October 13, 2008 Would put Hugo Chavez in a world of hurt! http://www.telegraph.co.uk/news/worldnews/southamerica/venezuela/3183417/Venezuelas-oil-output-slumps-under-Hugo-Chavez.html Why can't we do it???? Quote Link to comment Share on other sites More sharing options...
Science Abuse Posted October 13, 2008 Report Share Posted October 13, 2008 Venezuela's daily oil production has fallen...Umm... that's a good thing if you're selling oil. Dropping production raises prices and profits. Reading that, it sounds like he's doing what benefits his administration and the American writer is trying to spin it in a propagandical kinda way. Quote Link to comment Share on other sites More sharing options...
supldys Posted October 14, 2008 Report Share Posted October 14, 2008 venezuela does not pump out enough oil to even think about adjusting the oil price on its own, only saudi arabia can do that. That means if the price stays the same and production drops, thats less cash in the pocket Quote Link to comment Share on other sites More sharing options...
Science Abuse Posted October 14, 2008 Report Share Posted October 14, 2008 venezuela does not pump out enough oil to even think about adjusting the oil price on its own, only saudi arabia can do that. That means if the price stays the same and production drops, thats less cash in the pocket Less income, but less overhead as well. That is where the uge profits of the oil boom came from: Production drops meant less capital consumed to produce a product that was selling at an exploded price. It's not hurting Hugo at all, just his people and just a little bit. Of course, tehy don't / won't know about it. Quote Link to comment Share on other sites More sharing options...
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