It’s crazy numbers day at Caracas Chronicles

So I realize it’s Friday night and nobody’s reading blogs right now, but I couldn’t let this item pass un-commented… Venezuelan oil firm to inject $45 billion into refineries Venezuela’s state owned oil company, PDVSA, announced it will invest $45 billion this decade maintaining its existing refineries and building new ones… You’ll note the article…

Math Fail

So, according to El Mundo, Venezuela spends some $3 million per day on diesel for electrical generation, since 200,000 barrels of the stuff is being devoted to thermoelectric plants every day. Right. Now, let’s puzzle this one through. Crude oil prices are over $80 a barrel now, and diesel – a refined product – obviously…

Global Barrel of Laughs

If you don’t already check Setty’s blog compulsively, here’s another reason to. Setty’s especially good at ferreting out online material that ought to be getting much more exposure than it does, and this one’s a real find: a three part series by gringo academic Tom O’Donnell (part 2 here, part 3 here) on the Venezuela-China oil relationship that’s…

El Tigre and the opposition mononeuron

Over on the Spanish site, Raul Aular bucks Caracas Chronicles’s anti-dinosaur orthodoxy with a post making the case for Eduardo Fernández’s candidacy. It’s a neat piece of conventional wisdom-shredding, and makes a cogent case for bumping Fernández up from No Hoper to Second Tier status. Certainly, his campaign videos are rather more serious than some…

The Red Apertura and the forgotten art of disarming atomic bombs

Here’s a factoid you’d do well to squirrel away: through a crazy quirk of geology, there’s more recoverable oil under Southern Guárico, Anzoátegui and Monagas States than anywhere else in the world. 296 billion barrels or so. At current prices, that’s worth something in the order of $25 trillion: a crazy number, almost twice the US’s…

Setty takes me to Scam Academy

Oh man I laughed with this one. Arevenca’s scam is too baroque to summarize here: let’s just say that they make Ovarb look like Lloyd’s of London. Be sure to read Setty’s hilarious fisking of this whole preposterous affair. For now, I loved this bit (picked almost at random) from their Press Release: This agreement, which…