So argues Stanley Reed in the current edition of
“BusinessWeek.” Venezuela’s oil production has declined by about 25 percent since populist president Hugo
Chavez came to power in 1999. He’s made life so difficult for outside oil companies that Exxon and ConocoPhillips walked away last week. Venezuela isn’t the only mischief maker. Russia strong-armed BP to sell a massive Siberian gas field for a fraction of its potential value and it has forced Shell into giving up control over its big
Sakhalin II gas project in the Far East. Now Exxon is in its sites for a similar field nearby. Violence in Iraq has kept production well below pre-war levels. And Iran desperately needs outside help in rebuilding its dilapidated fields. But saber rattling with Washington and the unpredictable policies of the current regime are currently keeping away investors who have formerly been friendly with the country.
Politics, Not Peak Oil, Drives Prices Higher
So argues Stanley Reed in the current edition of “BusinessWeek.” Venezuela’s oil production has declined by about 25 percent since populist president Hugo Chavez came to power in 1999. He’s made life so difficult for outside oil companies that Exxon and ConocoPhillips walked away last week. Venezuela isn’t the only mischief maker. Russia strong-armed BP […]
