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What if we just nationalize our domestic oil industry/production like the House of Saud did in that hellhole?
Will that make a difference? I dont get how something in so high demand, cannot not make someone out there a profit.
That was Hugo Chavez' idea behind nationalizing all the Venezuela oil production and wrapping it up into PDVSA. PDVSA made a nice profit for a few years, but the problem is, the Chavez (and later Maduro) government used PDVSA as a cash cow for paying for a bunch of great social programs in order to boost popular support for socialism. They bled PDVSA dry, and investments in maintenance and upgrades to refineries, pipelines and drilling operations dropped to bare minimum levels. Oil production in Venezuela has dropped from 3M to well below 1M BPD. It has not been a great success story.
That was Hugo Chavez' idea behind nationalizing all the Venezuela oil production and wrapping it up into PDVSA. PDVSA made a nice profit for a few years, but the problem is, the Chavez (and later Maduro) government used PDVSA as a cash cow for paying for a bunch of great social programs in order to boost popular support for socialism. They bled PDVSA dry, and investments in maintenance and upgrades to refineries, pipelines and drilling operations dropped to bare minimum levels. Oil production in Venezuela has dropped from 3M to well below 1M BPD. It has not been a great success story.
And they used petrol moneys to pay for imports vs continuing with all sorts of production. Then the price of oil dropped....
Well, we never really did make it to an Oil Export market. It was only Gas, but was hyped as "Energy Independent."
Meanwhile it is all within US to make the whole Oil mess irrelevant. We are still the big Oil Burners of the Planet.
Rules of Oil are the same as Cocaine for Tony Montana in Scarface. "Don't get high on your own supply."
Folks that make money on Oil, sell it. Folks that lose money on Oil, buy it. First folks to quit are the biggest winners.
But at this point can move beyond Oil for Ground Transportation (that is what we still do with about 70% of it), because Renewable Electricity can now handle most of that, and do it for half the price.
If we were to "quit" Oil, we would come out massively ahead, and Russia and the Middle East would drop into a hole.
Fair, refined products then.
China is the big oil burner of the planet now. We are still big burners though.
If we were to "quit" oil that would be a very painful switch. I assume you mean more heavy handed, punitive government regulations and standards and not the current course we are on.
Works thusly: Methane -> Ethane -> Ethylene -> Polyethylene.
Cleaner, Faster, and Cheaper than Oil.
Welcome to 2020.
I was being sarcastic
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