Why is Venezuela so poor despite having more oil than Saudi Arabia?

Why is Venezuela so poor despite having more oil than Saudi Arabia?

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forbes.com/sites/christopherhelman/2014/02/20/cheap-gasoline-why-venezuela-is-doomed-to-collapse/
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Socialism

Socialism+mestizos

Read a book by Romanian Prince, FM, who visited Paris to obtain loans for Romania.

The Jewish bankers told him to take a look outside, and observe prosperous, nice Paris, France. That was the country they loved.
And then to take a look at Russia, which was in Civil War, famine and Red Terror. The fate of countries they hate.


And Venezuelan oil is both challenging to extract and to process, because it is not high quality oil in shallow deposit, and Venezuela didn't have the treatment the Islamofascist scum like Saud family did, by the West.

Socialism.

By the way...
I just had so much beef dumplings I am about to burst, washed it down with a nice cold sugarcane CocaCola. For desert I decided I want Baklava.
I love food!

Rich people with no friends still can't buy food.

>sugarcane CocaCola
>implying that corn shit is even real brand coke

All of US cola is made of cornsyrup.

you can buy the mexican version of sodas in most grocery stores, they all use cane sugar

I didn't know that. But you guys put so corn syrup in everything, man.

Socialism is to blame. Also Hugo Chavez

They're nigger rich. kek.

Somebody say oil?

START THE CHOPPERS!

Please, come here and kill Nicolas Maduro...

We have beer and 2 nice hookers for 60$ (or less)

Not only him, but also every fucking commie

you will get fat Mahmoud

Socialism is worse than wahhabism.

This

I am fat :(

fake coke

coke

Because sanctions have strangled their imports and exports with no one buying their shit

Socalism just exasperates it.

Hell Venezuela has almost the same sanctions as North Korea

>more oil than saudi arabia
is that actually true?

Sanctions were place weeks ago. Venezuela was shit since 5 decades ago

Venezuela isn't sanctioned either, Citgo is, and also some government officials.

Oil doesn't magically come out of the ground.
They took most of the $$ they made and have it away for SJW projects, and good chunk disappeared into the pockets of leaders.

They didn't invest the money back into oil company to get more oil. Think of it as choking then hen that lays the golden eggs.

are you rich?

Sadly... yes

>more oil than Saudi Arabia
>US and their puppets blathering about the socialist hell it is.
What a coincidence.

Yeah, we also have a ton of coltan, bauxite, gold and diamonds.

The thing with our oil is that some of it is bad quality oil.

can sombody tell me why its so dangerous on the Colombian border

How do you still have internet? I just saw a video of you guys killing a poor cow in the streets because you're starving to death. Shouldn't you be out capturing emaciated animals for dinner?

Hard sanctions began under Clinton admin and were added by Bush and Obama

It was actually a half way decent place from the 60's to 90's/early 00's

Because internet > food

Caracas Is a good city... But Is very unsecure

Gangs are doing business in Venezuela and they smuggle oil, gasoline, and other products made and imported by Venezuela.

It is more lucrative to smuggle venezuelan-made gasoline into Colombia than cocaine into the United States

I think i read somewhere that their oil doesnt have the same quality as saudi oil. Its not an excuse though. They had the conditions to be an economic powerhouse, and pretty much like other oil producing countries like brazil and angola they are corrupt like fuck. And the added bonus of unrestrained socialism

youtube.com/watch?v=eLmxvAqj85c

That's why you required refineries, but that was irrelevant in Chavez axis, cause the oil was shared between the rebel countries.

yeah but its in shitty sand buried like a mile underground

Not really, average IT guy.

>Muh socialism

When are you guys going to track down Hugo Chavez' ho ass daughter who smuggled a few billion out of your country?

The government is so corrupt, that it is not feasible to start, maintain or keep a business there.
The infrastructure is shot; people are starving. It used to be a vibrant and growing economy
but now it is a "shit-hole". Argentina used to be the most high-income economic powerhouse, then
socialism hit there too.

It is the socialist hell that it is.

they dont have leading position in OPEC
also bad government structure

Internet, electricity, gasoline are cheap. I pay 0,1$/month for 4MB internet connection

Is true m8

is the murderbro government so powerful that it can't be over thrown . you guys must be like coiled spring at this point jesus .

When you have the largest oil reserves in the world. Talk massive shit about the U.S (empire) but you need to import refined U.S gasoline.

redstate.com/diary/skipmaclure/2010/07/25/the-new-axis-of-evil-the-fruit-of-obamas-cowardice/

Republicans view of the world it's a sight to behold.

>proven oil reserves
read the definition proven oil reserves mean next to 0

because their oil is shit. is not real oil, is some kind of bitumen that is hard to refine.
also corruption.

Can you give me a quick rundown on that book?
Also, why do jews hate russians so much?

My roommate's ex gf is from your country. Her family had a bunch of land stolen from them under Chavez.

Do people still idolize him there?

Venezuela never was sanctioned. It hasn't been sanctioned yet.

I don't know what you are talking about

>I think i read somewhere that their oil doesnt have the same quality as saudi oil.
its not about quality. saudi oil can be extracted at near 0 cost wheres everywhere elese it ranges from 20-50 dollars a barrel.(fracking is near 50)

No body here hate US, only the government is socialist... and like every commie, they hate US

but they have properties there... interesting right?

forbes.com/sites/christopherhelman/2014/02/20/cheap-gasoline-why-venezuela-is-doomed-to-collapse/

That's the problem right there. A liter of gas is what like 1 penny while here it's like 75 cent

She doesn't have her wealth in banknotes. Probably bonds, bank accounts in Andorra, real estate and gold

and how much for 8ball of coke ?

Only the stupid ones

1 lunatic
2 kind of liked him cause the usa hated him so much
3 great leader
4 fuckin bad ass loved how the usa said he was a threat to mankind
5 racist lunatic
6 best leader of any country in over a century

Some still are idolizing him. I think they are now the minority. Others blame him for choosing Maduro as his successor

not really it just means its subsidized, and produces an economic distortion(people drive more than they should, get more gas guzling cars) but overall this would at most be like 5% what lead to a downfall of the nation. its hardly a leading cause, or even a cause that hs major impact, esp when u have a nation like venzuala which has problems with b12974129841894714 other basic things

I was going to say FPBP
This is actually more true...

Even if you rise the price of gasoline to $1, you have socialism which is the main reason for Venezuela to be a shithole

Of course, why you ain't lynching the commies or giving them free helicopter rides is amusing.

It's clearly obvious Chavez wasn't a socialist or a communist but a oligarchy/plutocrat

For every $1 they took 25 cent, and you thanked them for it.

Shut the fuck up AngrySinner, no one wants to read your fucking blog on Zerohedge or on here...

Looks like my nutsack

Truly

It isn't subsidized. Nobody isn't paying anyone to sell gasoline at low prices. It is called fixed prices.

I heard Venezuela's oil is very expensive to refine into ready product. But it's still not an excuse to be poorer than countries with almost no natural resources at all. Also they must have like year-round growth season for agriculture and yet they starve, how is that possible? Maybe even North Korea has less famines these days despite their government system and much colder climate.

>they must have like year-round growth season for agriculture and yet they starve, how is that possible?

Socialism, my finnish friend

>Unironically calling Castro a great leader.

The day of the rake can't come soon enough.

They are idiots. They went all in on the heavy oil when they have a shit ton of light oil in Maracaibo 70 billions barrels.

But muh heavy oil meme was to strong.

The problems is:
>"Hey, i have a supermarket, this product cost me 2$, i going to sell it for 3$ for make profits"
>Government: "No faggot, you going to sell it for 1$"
>"Shit, i don't going to sell nothing then"

The factories closes, every body loses theirs jobs... disaster

easy now skip time for homework

That has nothing to do with the cost of gas though. You all seem believe that shit should be basically free, and whinge when people smuggle gas to Colombia to make a nice profit.

How much of all this is personally fault of your ex leader Chavez or Maduro? Are they above all dictators or does the whole government consist of socialist fanatics that each run their own area like ministers of finance, agriculture, education or defense? I understand that there is still somewhat non-rigged democracy in Venezuela but socialist just have a lot of support at least for now.

>A leaf mocking any country at all.

Venezuelans are the one smuggling gas to Colombia. The militaries in Venezuela in conjunction with gangs and terrorists in Colombia are making large profits

Citizens can't even buy gasoline more than once in a day near the border.

We celebrate every time the government decide to do something we know affects them negatively, like rising prices of gasoline, which soon they need to do

el-nacional.com/noticias/petroleo/anc-estudia-aumentar-precios-gasolina_216821

And he still gets four wives who get beheaded if they cheat on him.

>having more oil than Saudi Arabia
Is more expensive to get, gives proffit if the oil is expensive, and fracking fucked that, and that's why 1/3 of the world oil is Saudi, because you have to do almost nothing to get that

Because the oil is much deeper and is considerably heavier, so it costs much more to extract. This means Saudis break a profit at roughly 10 dollars per barrel and Venezuelans break a profit a 40.

Most other states with oil extraction this expensive, like Canada and my country, usually have some other backup exports, but the centralizing policies of currency and price controls established by their government have destroyed the competitiveness of their businesses.

Finally, they've decided to run a state that subsidises everything despite their current bankruptcy, leading to a surging deficit that is continuously covered by printing money, which creates hyperinflation.

Normally, inflation would increase competitiveness and thus motivate exports like agricultural goods, but the Venezuelan government has also decided to import and distribute free/subsidized food, which kills any attempt farmers could make.

A liter of gasoline costs 6 Bsf. = 0.0000352$

yes yes 56% land is epix based just look at our puppet of isreal president shadely based pedes

>I understand that there is still somewhat non-rigged democracy in Venezuela

That isn't the case since 1999, when Chavez decided to change the constitution and abolishing democracy.
Don't fall for the meme "the government celebrated 100 elections in 20 years, it is a democracy". It isn't a democracy

Chávez was a dictator and now Maduro is a dictator. He controls every part of the government, but of course they form allies with the militaries.
It is all their fault

When it costs less to fill your car than it is to buy a candy bar I think that's fucked. It's good for the consumer(you) but as you say it gets exploited by gangs and the military.

Chavez said the oil is yours, but seems just giving it away.

>It's good for the consumer(you)

Fixed prices aren't good.

For gas it is. If your job revolves around car.

But yeah brother fixed prices leads to shortages and shit.

Because corn industry in US is heavily subsidized. Lots corn money in the politicians hands.

Lots of Muhammads are fat. Check out the obesity rate in Saudi Arabia.

These. They are retarded, made terrible decisions in the past, and now they are paying for it with money they don't have anymore.

>Why is Venezuela so poor despite having more oil than Saudi Arabia?

Artificially low oil prices.

The oil is almost completely heavy asphaltenes and heavy naptha. Alot of it is also sour. So, its very expensive to refine. Obviously that makes it much less valuable that if it was light natural gasolines and sweet.

>Socialism is worse than wahhabism.

Nothing is worse than Zionism

(((communism)))

you're a fucking retard faggot frogboi

Oil is still valuable despite being a bad quality oil.
PDVSA profits more than $50 per barrel now with low prices, and more when it was $140 per barrel

It isn't the quality of oil or the costs to refine the oil. It is socialism fault

>Why is Venezuela so poor despite having more oil than Saudi Arabia?
The oil is thicker than molasses, so the actual recoverable reserves are pretty low. Super heated water vapor needs to be injected into the oil fields to allow it to be pumped out. Very expensive.

it's mostly heavier and sour and the terrain of venezuela makes it very difficult to explore but it's not any deeper. it's very common to see 10000 feet deep wells pretty much everywhere in the world.

They aren't mestizos for the most part. They are mulatto, which is part black. If you look at them, they are very African. Hence their shitty country.

>Venezuelans break a profit a 40

It costs between $10 and $22 to produce an oil barrel in Venezuela. Not $40.
The thing is that our oil costs less than Saudi's oil, however it isn't big the different between prices.

The government isn't subsidizing anything, as you said, there is a price control for absolutely everything you can imagine.
Basically it is illegal to produce goods in Venezuela