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.