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Crumbling Venezuelan oil sector expected to remain hostile to U.S. investment

Dallas Morning News -- Hugo Chávez is gone, but his political allies and alliances are not expected to make major changes in the weak development of Venezuela’s enormous oil reserves.
Venezuela’s constitution requires presidential elections within 30 days, and the country has been almost evenly divided between Chávez loyalists and opponents. Chávez was re-elected in October although never inaugurated due to illness.
For now, his handpicked vice president, Nicolás Maduro, is acting president and the most likely candidate to lead Chávistas in any election.
Oil analysts here for IHS CERAWeek 2013, the energy industry’s big annual conference, blame Chávez’s socialist policies for a decline in Venezuela’s oil industry over the past 14 years. Despite having more oil reserves than any other country, production peaked..

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Submitted Mar 07, 2013 By: 1studman

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sydb7 Champion Author Atlanta Posts:3,552 Points:1,918,030 Joined:Mar 2003	Message Posted: Mar 9, 2013 4:58:27 AM Ignore sydb7 Report Abuse Can you blame them?
rrs517 All-Star Author Colorado Posts:918 Points:342,755 Joined:Apr 2006	Message Posted: Mar 8, 2013 4:58:31 AM Ignore rrs517 Report Abuse No surprise is it?
tomok Champion Author Portland Posts:32,970 Points:2,344,535 Joined:Aug 2006	Message Posted: Mar 7, 2013 11:26:25 PM Ignore tomok Report Abuse Crumbling Venezuelan oil sector expected to remain hostile to U.S. investment. It will take years before anything happens in that country towards the US. The Venezuelan people have been told one thing for so long and they believe it. Hugo's government is still in place and nothing will change there very soon. So much for Cuban health care! Just like the government here, when Sneeky's term is finally over, the economy will start to recover at a faster rate and the real truth will come out. Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high!
jethro5000 Champion Author Kentucky Posts:1,867 Points:389,285 Joined:Jun 2005	Message Posted: Mar 7, 2013 10:37:10 PM Ignore jethro5000 Report Abuse Yesterday's news...
SparkieMi Champion Author Kalamazoo Posts:3,256 Points:586,960 Joined:Sep 2011	Message Posted: Mar 7, 2013 8:59:29 PM Ignore SparkieMi Report Abuse Follow their example and have very low pump prices....
Vette1967 Champion Author Albany Posts:5,957 Points:1,274,050 Joined:Jun 2009	Message Posted: Mar 7, 2013 8:57:44 PM Ignore Vette1967 Report Abuse No surprise.
KhelbenArunson Champion Author Michigan Posts:4,436 Points:715,915 Joined:Apr 2008	Message Posted: Mar 7, 2013 8:40:09 PM Ignore KhelbenArunson Report Abuse oh well there loss.
A_NY_Outlaw Champion Author Albany Posts:1,370 Points:703,880 Joined:Mar 2011	Message Posted: Mar 7, 2013 7:10:32 PM Ignore A_NY_Outlaw Report Abuse Wow. Simply shocking. Maybe we need to send our new good-will ambassador Rodman over there so he can tell them what a great job they are doing.
btsom Sophomore Author Oklahoma City Posts:222 Points:14,100 Joined:May 2011	Message Posted: Mar 7, 2013 7:03:56 PM Ignore btsom Report Abuse Big, controlling, centralized government with nationalized industries FAILS every time it is tried. Despite the propaganda, there are more poor folks in Venezuela now than when Chavez came to power. Using the class warfare cry of the left, how much money does one person need? Chavez was a multi-billionaire when he died. Couldn't he have shared some of that with his country's citizens? Typically, despots don't share. I can't help but notice that sequestration hasn't altered Obama's life style much, but school kids can't tour the White House, supposedly because of sequestration.
jb107 Champion Author New Jersey Posts:9,544 Points:2,620,050 Joined:Sep 2005	Message Posted: Mar 7, 2013 7:02:27 PM Ignore jb107 Report Abuse I don't know why people buy Chevron gas.
TBRR Champion Author Jacksonville Posts:3,667 Points:598,795 Joined:Dec 2007	Message Posted: Mar 7, 2013 7:00:13 PM Ignore TBRR Report Abuse what is new. chavez proved he could not run the oil industry the same as the us government could not run the Mustang Ranch at a profit selling sex and booze. governments are only good at spending other peoples money.
AKmailman Champion Author Alaska Posts:5,623 Points:1,556,365 Joined:Jul 2004	Message Posted: Mar 7, 2013 6:59:03 PM Ignore AKmailman Report Abuse Nothing will change because of Chavez, The people of Venezuela love their 4 cent a gallon gas
jethro5000 Champion Author Kentucky Posts:1,867 Points:389,285 Joined:Jun 2005	Message Posted: Mar 7, 2013 6:58:05 PM Ignore jethro5000 Report Abuse I'm more worried about North Korea than Venezuela ...
Blue48 Champion Author Illinois Posts:7,300 Points:1,636,970 Joined:Feb 2007	Message Posted: Mar 7, 2013 6:55:55 PM Ignore Blue48 Report Abuse NOT A SHOCKER!
MotoPerro Sophomore Author Houston Posts:123 Points:34,355 Joined:Feb 2011	Message Posted: Mar 7, 2013 6:53:47 PM Ignore MotoPerro Report Abuse Good Riddance, Chavez!
MotoPerro Sophomore Author Houston Posts:123 Points:34,355 Joined:Feb 2011	Message Posted: Mar 7, 2013 6:52:19 PM Ignore MotoPerro Report Abuse Chavez/Obama... all the same. Appeal to the low-information/poor demographic which is the majority in a country like Venezuela and the result is a dictator. Wish we could send Obama the great Liar in Chief there to take Chavez' place. Anything to get him out of the U.S.
pleinyeux All-Star Author Montreal Posts:776 Points:198,655 Joined:Oct 2012	Message Posted: Mar 7, 2013 6:46:58 PM Ignore pleinyeux Report Abuse Chavez did a lot for the poor in his country but now Chavez is gone
humblepie Champion Author Toledo Posts:34,147 Points:2,369,420 Joined:Mar 2006	Message Posted: Mar 7, 2013 6:45:59 PM Ignore humblepie Report Abuse they dont need no stinking yankees
TonyPSU Champion Author Cleveland Posts:2,526 Points:692,580 Joined:May 2011	Message Posted: Mar 7, 2013 6:45:57 PM Ignore TonyPSU Report Abuse hopefully they get back to normal down there
NO_SWEAT Champion Author Toronto Posts:4,335 Points:1,077,365 Joined:Jul 2008	Message Posted: Mar 7, 2013 6:45:12 PM Ignore NO_SWEAT Report Abuse No comment.
CISA Champion Author Orange County Posts:5,937 Points:1,397,060 Joined:Dec 2006	Message Posted: Mar 7, 2013 6:42:28 PM Ignore CISA Report Abuse more commies
rodwade1 All-Star Author Maine Posts:556 Points:621,610 Joined:Jul 2008	Message Posted: Mar 7, 2013 6:42:09 PM Ignore rodwade1 Report Abuse Under Chávez, much of the country’s oil revenue was directed to popular anti-poverty programs — including discounted heating oil through Citgo for 100,000 lower-income Americans.
mrbee Champion Author Little Rock Posts:3,748 Points:2,464,635 Joined:Oct 2005	Message Posted: Mar 7, 2013 6:39:30 PM Ignore mrbee Report Abuse More socialists. Hope they crumble.
rodwade1 All-Star Author Maine Posts:556 Points:621,610 Joined:Jul 2008	Message Posted: Mar 7, 2013 6:38:56 PM Ignore rodwade1 Report Abuse Chevez did a lot for the poor in his country, and in the U.S. as well
ericbcire Champion Author Nevada Posts:4,515 Points:1,265,660 Joined:Aug 2009	Message Posted: Mar 7, 2013 6:38:39 PM Ignore ericbcire Report Abuse We don't need their oil.
gasokie Champion Author Oklahoma Posts:3,442 Points:1,323,805 Joined:May 2007	Message Posted: Mar 7, 2013 6:37:13 PM Ignore gasokie Report Abuse BeeDee53 is right on. I'm no expert on Venezuelan oil or anything else but I can say this: I've been down there several times and the reason they kicked us out (virtually) was because they have been spoonfed anti-american propaganda for the past 75 years...at least. They blame us for every pothole, every power outage and all their ills. Their country has always also been divided among themselves. Back in the 50s they had (or so I was told) basically 3 armys in the country somewhat controlled by the president but all 3 struggling against themselves. Only thing that kept the masses down and voting right was the vast welfare programs made possible by emerging oil riches. If their oil flow is pinched even a bit and with Chavez having also spent a bundle on unneeded and expensive military hardware the "masses" may have to cope with a lot less ... starting about now. Our problem? Another cuba. This time the intertubes will be manned starving Venezuelans finding ways to the US. Let's see??? Dry foot policy? I think not.
Rappcommuter Veteran Author Virginia Posts:470 Points:553,515 Joined:Apr 2011	Message Posted: Mar 7, 2013 6:36:37 PM Ignore Rappcommuter Report Abuse Any surprises here?
vjs3 Champion Author Denver Posts:2,531 Points:648,715 Joined:Jun 2011	Message Posted: Mar 7, 2013 6:36:34 PM Ignore vjs3 Report Abuse Not too surprising.
MalibuClassic All-Star Author Buffalo Posts:521 Points:588,560 Joined:Mar 2005	Message Posted: Mar 7, 2013 6:35:18 PM Ignore MalibuClassic Report Abuse Can you say "guerra civil"? (Civil war).
tucker355 Champion Author Manitoba Posts:1,693 Points:439,865 Joined:Feb 2009	Message Posted: Mar 7, 2013 6:35:10 PM Ignore tucker355 Report Abuse Just like N korea there will be another clown to take over!!!
johton Champion Author Seattle Posts:1,205 Points:310,215 Joined:Jun 2012	Message Posted: Mar 7, 2013 6:34:02 PM Ignore johton Report Abuse Venezuela will probably crumble this year!
jjjleblanc Champion Author Rochester Posts:5,867 Points:1,517,355 Joined:Jun 2008	Message Posted: Mar 7, 2013 6:31:19 PM Ignore jjjleblanc Report Abuse As well as the other natural resources.
TDIdave Champion Author California Posts:5,053 Points:1,223,765 Joined:May 2006	Message Posted: Mar 7, 2013 6:30:39 PM Ignore TDIdave Report Abuse @BeeDee53: the keystone XL will NOT make us energy independent. All that oil will be exported to India and China. It's not for domestic consumption.
TDIdave Champion Author California Posts:5,053 Points:1,223,765 Joined:May 2006	Message Posted: Mar 7, 2013 6:29:29 PM Ignore TDIdave Report Abuse Let em keep their oil.
mrreferee Champion Author Savannah Posts:1,336 Points:556,030 Joined:Jun 2011	Message Posted: Mar 7, 2013 6:29:19 PM Ignore mrreferee Report Abuse who needs them when we have canadians,eh?
BeeDee53 Sophomore Author Ontario Posts:134 Points:135,375 Joined:May 2012	Message Posted: Mar 7, 2013 6:25:42 PM Ignore BeeDee53 Report Abuse XL pipeline will supply enough Canadian crude to replace Venezuelan imports which come by tanker across the Gulf of Mexico. Aren't these tankers an environmental risk? Canada has no security issues, is a stable democracy, so what's the delay?
DEG Champion Author Las Vegas Posts:17,615 Points:3,493,730 Joined:Jul 2003	Message Posted: Mar 7, 2013 6:21:23 PM Ignore DEG Report Abuse Good to see Chavez gone.
swrestler Champion Author Grand Rapids Posts:6,130 Points:1,570,100 Joined:Oct 2008	Message Posted: Mar 7, 2013 6:19:28 PM Ignore swrestler Report Abuse There Are Alot Of Idots Running That Country...
paulydel Champion Author Delaware Posts:8,779 Points:847,450 Joined:Jan 2008	Message Posted: Mar 7, 2013 6:12:24 PM Ignore paulydel Report Abuse Its to bad that idiots run the country.
bevmill Champion Author Georgia Posts:2,572 Points:598,595 Joined:Apr 2006	Message Posted: Mar 7, 2013 6:10:09 PM Ignore bevmill Report Abuse Not surprise.
texashoudini Champion Author Austin Posts:2,621 Points:1,094,920 Joined:Jun 2009	Message Posted: Mar 7, 2013 6:05:38 PM Ignore texashoudini Report Abuse No doubt about that socialist government.
lippoe_sokan All-Star Author Provo Posts:612 Points:181,200 Joined:Nov 2012	Message Posted: Mar 7, 2013 5:59:04 PM Ignore lippoe_sokan Report Abuse Gee, whodathunkit? Not a surprise at all.
RickF350 Champion Author Washington Posts:3,417 Points:705,535 Joined:Apr 2008	Message Posted: Mar 7, 2013 5:59:03 PM Ignore RickF350 Report Abuse Not shocking.
savannahoaks Champion Author Rockford Posts:2,687 Points:633,285 Joined:Mar 2011	Message Posted: Mar 7, 2013 5:59:02 PM Ignore savannahoaks Report Abuse Socialist running any industry will mismanage it.
gaspumpin Champion Author Indiana Posts:1,663 Points:387,465 Joined:Apr 2012	Message Posted: Mar 7, 2013 5:55:44 PM Ignore gaspumpin Report Abuse Venezuela--still a pain in the butt.
knot2swift Champion Author Calgary Posts:4,379 Points:696,025 Joined:Nov 2009	Message Posted: Mar 7, 2013 5:52:42 PM Ignore knot2swift Report Abuse I expect little change. If anything, with the guy from Iraq gone, the guy from Libya gone and now the guy from Venezuela gone, there's very few left to bad mouth the US during the next UN assembly. Delegates and leaders will have to sit there instead of walking out for a few drinks while some idiot rants for hours.
TXGasPriceSpy Champion Author Fort Worth Posts:7,800 Points:1,470,325 Joined:Sep 2008	Message Posted: Mar 7, 2013 5:51:18 PM Ignore TXGasPriceSpy Report Abuse More of the same, soon!!!
flyfast Champion Author Kansas City Posts:9,243 Points:1,824,085 Joined:Jan 2008	Message Posted: Mar 7, 2013 5:49:46 PM Ignore flyfast Report Abuse SEE WHO IS NEXT
carinthuist Champion Author San Francisco Posts:2,238 Points:328,285 Joined:Mar 2012	Message Posted: Mar 7, 2013 5:43:58 PM Ignore carinthuist Report Abuse ok
fourdezzzz Veteran Author Atlanta Posts:295 Points:394,125 Joined:Dec 2011	Message Posted: Mar 7, 2013 5:43:16 PM Ignore fourdezzzz Report Abuse Not surprised!