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How's that Socialism working out for you Maduro?:cool:
Sliding oil prices leave socialist Venezuela on brink of financial collapse

President Nicolas Maduro under international pressure for jailing opposition figures.


By Guy Taylor - The Washington Times - Tuesday, December 23, 2014
​

The ongoing plunge in global oil prices is pushing Venezuela toward economic collapse just as President Nicolas Maduro — the hand-picked successor to the late socialist Hugo Chavez — faces mounting international criticism for jailing opposition figures after months of street protests.
Where Chavez once drew praise from the world’s leftist elite for using the high price of crude oil during the 2000s to underwrite a socialist revolution, a growing number of analysts in Washington say Mr. Maduro is clinging to power in a country on the edge of becoming a failed state.


Venezuela still boasts some of the world’s largest known crude reserves, but it has continued for too long spending more on government programs than it has collected in oil revenue, analysts say. The average price of oil has dropped from more than $100 a barrel to less than $60 during recent weeks, only adding to Venezuela’s woes.
Simply put, the “current situation in Venezuela is unsustainable if the price continues to fall,” said Michael Shifter, president of the Inter-American Dialogue, a policy research group in Washington. “You can debate what a failed state is and what it looks like, but Venezuela can’t continue like this.”[more]
 
That brought back some memories of a bunch of Airmen digging holes for similar devices. These were black and I didn't care about the capacity, just knew they were big.

E10 $1.95-1.99 here today.
 
[h=1]Oil rises further above $60 as Libyan output slumps[/h]
LONDON (Reuters) - Oil rose further above $60 (39 pounds) a barrel on Friday as unrest in Libya cut supplies, offsetting a growing supply glut in top consumer the United States and weak imports by Japan.
Fighting in Libya has cut output there to 352,000 barrels a day, a state oil company spokesman said on Thursday, or about half November's average. This countered the U.S. Department of Energy's (DOE) report showing a big stockbuild.
"Libya is a supportive factor," said Olivier Jakob, analyst at Petromatrix in Zug, Switzerland. "The fighting in Libya is starting to be more and more about a battle for the oil resources and this will not end well."
http://finance.yahoo.com/news/brent-holds-above-60-heads-035121103.html
 
Here are the reasons oil is plunging toward $50

By William Watts
Published: Dec 30, 2014 9:32 p.m. ET

NEW YORK (MarketWatch) — Oil’s stunning price collapse is undoubtedly one of 2014’s top stories and will remain a major theme for investors in 2015.
Indeed, Nymex WTI oil futures US:CLF5 have seen their sharpest drop since 2008, plunging around 50% from their 52-week high of $107.26 in June. Brent UK:LCOF5 is down more than 50% from its 52-week high.
Prices were choppy on Tuesday, with Nymex oil futures flitting between gains and losses.
Here’s a look at the factors behind oil’s plunge.

Here are the reasons oil is plunging toward $50 - MarketWatch
 
EIA Petroleum Status Report
Economic Calendar - Bloomberg
[TABLE="class: actual_consensus_box"]
[TR="class: actual_consensus_toprow"]
[TD]		PriorActual
Crude oil inventories (weekly change)
Gasoline (weekly change)
Distillates (weekly change)

[TD="class: econo-releaseinfo"] Released On 1/7/2015 10:30:00 AM For wk1/2, 2015 [/TD]

[TD="class: actual_consensus_box_numbers"]-1.8 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] -3.1 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]3.0 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 8.1 M barrels [/TD]

[TD="class: actual_consensus_box_numbers"]1.9 M barrels[/TD]
[TD="class: actual_consensus_box_numbers"] 11.2 M barrels [/TD]
[/TD]
[/TR]
[/TABLE]
 
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