Wednesday, November 25, 2015

Oil to Venezuela? Send It C.O.D.

It's not a new story but it remains evergreen as it appears there somewhat of a resurgence in affinity for socialism in the West, but Venezuela, with the world's largest repository of petroleum reserves, must import oil.  Such a scenario is always a good time to highlight the great quote from socialist British MP Aneurin Bevan.
Famous British Labor politician Aneurin Bevan once dismissed the possibility of radical unionism hurting Britain's coal industry by saying " “This island is made mainly of coal and surrounded by fish. Only an organizing genius could produce a shortage of coal and fish at the same time.
Of course, a shortage of coal is exactly what Labor's policies went on to produce, highlighting leftists' typical ignorance of the workings of the world.  Plentitude of a useful commodity is meaningless as to whether humans get to benefit from it.

The latest twist is that Venezuela is on credit watch and oil suppliers are demanding cash up front.
A build-up of tankers has been reported off Venezuela as oil suppliers began to ask for pre-payment from state-controlled PDVSA for crude and products cargoes.
Reuters cited five companies involved in deals as saying there are worries over PDVSA’s cash flow.
The report said Maran Tankers’ 158,000–dwt suezmax Maran Pythia (built 2009), chartered by Statoil, loaded on 19 October in Angola and has been waiting at Curacao to discharge since early November.
The evidence is piled to the heavens, but we always forget and fall prey to the siren song anew -  socialism is destruction, socialism is anti-human, socialism is evil.


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