Two feelings running through my heart right now
A news item
from the BBC:
Venezuela oil 'may double Saudi Arabia'
A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.
Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.
The geologists estimate the area could yield more than 500bn barrels of crude oil.
This is wonderful news on several levels -- it lessens the hold that the Arabians have over us, it pumps much needed cash into the Venezuelan economy and it is proof once again that the idea of peak oil is bunk -- oil is being found in places that never saw the light of day. The oil is being manufactured in the crust on an ongoing basis with naturally occurring hydrocarbons and the earth's heat.
The sad news is that Chavez will use the money to consolidate his power and set him up to be president for life. The only problem is that he is a stupid man and a piss-poor leader. He is not building infrastructure, Venezuela has to import 70% of its food. He is spending the money on bread and circuses for his 'citizens'.
Posted by DaveH at July 14, 2010 7:43 PM