 righthand says: Two events that were not reported in the US 'fair and balanced' media.The $50 a barrel item was on Monday April 3, 2006. The UK court case that Exxon lost against Venezuela was published on March 25, 2008. The commencement of the case was covered extensively but the outcome and loss was ignored. Wouldn't it be nice now to have a barrel of oil at $50? Pity politics got in the way of business for once. Hugo Chávez Interview July 2006 Issue You’d think George Bush would get down on his knees and kiss Hugo Chávez’s behind. Not only has Chávez delivered cheap oil to the Bronx and other poor communities in the United States. And not only did he offer to bring aid to the victims of Katrina. In my interview with the president of Venezuela on March 28, he made Bush the following astonishing offer: Chávez would drop the price of oil to $50 a barrel, “not too high, a fair price,” he said—a third less than the $75 a barrel for oil recently posted on the spot market. That would bring down the price at the pump by about a... I think that having an oil producer want to fix the price at $50 means that a barrel of oil would actually be worth less. This is unlikely the case wrt high quality crude (though I expect that within a year or two high quality crude will be near $70/barrel) but I think Chavez is trying to set the price for the low quality crude that apparently is more common in Venezuela. I think Chavez is trying to set the price for the low quality crude that apparently is more common in Venezuela.Correct. You know your oil. Yet it was still a bargain by present prices, but he wasn't giving away his country's precious resources as had been the case with the shower of crooks before him. |
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