Thursday, July 28, 2005

free trade whiners

Via the indispensable Energy Bulletin:

Venezuela May Not Meet Oil Output Goal, JPMorgan Says
"Skepticism abounds about Venezuela's ability to meet its goal of boosting production to 5 million barrels a day,'' the analysts said. ``Windfall oil revenue has been spent on social programs aimed at eradicating poverty rather than the oil sector, which has negative implications for future production growth.''

More FUD from the uber-captalists tribe of the Northern America's: shocked, aghast, as their globalist colonialism crumbles.

Kibbles for the poor. And literacy programs. And improved health care. My God - let them run along like this for a few more years and Venezuela might start to resemble the United States before oil peaked in the lower 48.

Let's see - I've added up the cost of all these Commie social programs on my napkin calculator. Then, using Friedman math, I've added up the Globalist value of having a healthy, educated workforce, and subtracted it from the cost of the social programs.

Hot damn - turns out to be a wash. Bullshit sure is slippery.

Strictly from an oil perspective, it is probably better for Venezuela to produce their fields at a sedate pace. Not much point in damaging future reserves due to overproduction,

even if the World Bank attack dogs are humping your trousers.

2 Comments:

At 8:07 PM, July 29, 2005, Anonymous Anonymous said...

According to CIA figures, Venezuela produced 2.6 million bbd in 2004, [ http://www.cia.gov/cia/publications/factbook/rankorder/2173rank.html ]and they're production declined some 40,000 bbd from the previous year because their production has already peaked. And the World Bank is expecting them to increase production by 2010 to 5 million bbd -- nearly a 20% increase per year (not compounded)? Talk about setting up a strawman! So now JPMorgan's "analysts" say Venezuela's leftist politics and welfare programs are to blame. Riiiiight.

I call 'shameless bullshyte'. I also suspect we might be 'encouraging' Venezuela to cozy up to the Chinese...

 
At 10:52 PM, July 31, 2005, Blogger monkeygrinder said...

Yeah - thanks for posting those figures.

Shameless though it may be, I'm sure plenty of North Americans swaller the tall tales.

And I don't think Hugo is a saint, or the second coming of FDR (another damn socialist.)

 

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