As I recall there is a bit more to that. Venezuela produce heavy crude which only a small amount of refinery can process. The other option is they have to import US light crude to mix and sell. The refineries close by IIRC are either in USA or a USA joint venture so politics probably play a part too.
It varies immensely, Canadian tar sand oil can cost more than $25 a barrel to produce. Venezuela about a dollar more than that, whereas here in the US we pay about $20 and in the Middle East they pay less than $10. At $65 they should be turning a decent profit, sad that their government is so corrupt.
Good points. I don't recall anything about Bolivia, but I do remember Iceland and Greece went into financial difficulty at the same time. Here we are 10 years down the road. Greece is still asking for handouts. Iceland went through a few years of pain and now they are fine because they told the banksters "no thanks."
Bolovia had a bit of a revolution when an international company bought all water, including the rain, and that was the final straw so they elected an indigenous person as president and are no longer welcome foreign corporations or banks to do business there.
As I recall there is a bit more to that. Venezuela produce heavy crude which only a small amount of refinery can process. The other option is they have to import US light crude to mix and sell. The refineries close by IIRC are either in USA or a USA joint venture so politics probably play a part too.
In Canada it is only $25 per barrel, probably the same.
It varies immensely, Canadian tar sand oil can cost more than $25 a barrel to produce. Venezuela about a dollar more than that, whereas here in the US we pay about $20 and in the Middle East they pay less than $10. At $65 they should be turning a decent profit, sad that their government is so corrupt.
Is there actually any no corrupt government no directed by banksters in the world?
Well, there's Bolivia, Iceland.... that's about it. Unless you include all those run by drug cartels. And N. Korea.
Good points. I don't recall anything about Bolivia, but I do remember Iceland and Greece went into financial difficulty at the same time. Here we are 10 years down the road. Greece is still asking for handouts. Iceland went through a few years of pain and now they are fine because they told the banksters "no thanks."
Bolovia had a bit of a revolution when an international company bought all water, including the rain, and that was the final straw so they elected an indigenous person as president and are no longer welcome foreign corporations or banks to do business there.