How to destroy an oil industry

We often say Venezuela is a rich country because of massive oil reserves.  Unfortunately, Venezuela also has a socialist government destroying the oil sector day by day. This is from Aurelio Concheso: Recently, it has become abundantly clear that the number of drills operating in Venezuela has dropped to levels of a country without oil reserves.  Our oil industry was once the envy of the region; now it's the tragedy of the region.  Chinese investment will not save us... thus far the Chinese have made only meager and insufficient investments that will not change the fundamental reality of our precipitous decline in production. The number of drills in operation or "rig count" as analysts term it, is a thermometer of the vitality of an oil industry.  It might sound like a truism, but if it is not drilled, there is no way to extract oil.  Of course, in an oil state like Venezuela with 100 years of history, there...(Read Full Post)
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