Article

2005-03-05 Caribbean-Latin America

Venezuela Citgo's Status Is Giving Houston the Jitters

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Posted by TMH 2005-03-05 12:49:02 PM|| || Front Page|| [11135 views since 2007-05-07] Top

#1 Their gas is usually cheaper than Shell's.

Eh, oil's fungible.

It'll suck, but that's the way it is.

Posted by anonymous2u 2005-03-05 1:39:21 PM|| 2005-03-05 1:39:21 PM|| Front Page Top

#2 Sometimes I think these guys really believe that our economy will just stop dead if they can dry up our oil. It would be more like 9/11. It would knock us down to one knee - but we'd be back up in no time. I don't wish it would happen, but if it did - we would create technology that would have these oil shieks farming dirt within 10 years.

Posted by 2b 2005-03-05 2:05:02 PM|| 2005-03-05 2:05:02 PM|| Front Page Top

#3 Where's Mark Espinosa?

Posted by Shipman 2005-03-05 2:05:58 PM|| 2005-03-05 2:05:58 PM|| Front Page Top

#4 Does this mean they're taking down the Citgo sign near Fenway Paahhk?

Posted by Raj 2005-03-05 2:06:47 PM|| 2005-03-05 2:06:47 PM|| Front Page Top

#5 One thing for sure is that US Multinationals are being slowly faced out.

India signs deal to operate Venezuelan oilfield
http://in.news.yahoo.com/050305/137/2jzwk.html

Posted by TMH 2005-03-05 2:20:08 PM|| 2005-03-05 2:20:08 PM|| Front Page Top

#6 it's NYTimes. If it'll hurt America, they're all for it.

Posted by Frank G 2005-03-05 2:24:57 PM|| 2005-03-05 2:24:57 PM|| Front Page Top

#7 I'm of mixed minds, here. Were the tables turned, that is, if a US corporation was supposed to pay a healthy chunk of change to the US government, but was siphoning off most of the profits, the feds would be on them "like flies on manure". Especially if the US corporation's board was stacked with foreigners. Lastly, though improbably, if the US was dependant on this corporation for most of its resources, I can imagine Washington getting downright nasty.

Posted by Anonymoose 2005-03-05 3:20:19 PM|| 2005-03-05 3:20:19 PM|| Front Page Top

#8 Citgo, of course, remains an essential pillar of Venezuelaâs economy as the nationâs principal outlet for foreign crude oil sales and one of the most important operators of oil refineries in the United States, with interests in eight installations in this country that process crude oil into gasoline and asphalt. Those refining assets, analysts say, are among the most coveted in the energy industry.

Hugo trying something even remotely underhanded will not go unanswered.

Posted by Bomb-a-rama 2005-03-05 3:25:38 PM|| 2005-03-05 3:25:38 PM|| Front Page Top

#9 At least India's an "ally."

Who knows what info or biz might come our way?

Posted by anonymous2u 2005-03-05 3:27:24 PM|| 2005-03-05 3:27:24 PM|| Front Page Top

#10 Citgo - primarily a 7-11 supplier, think Apu - wonder if we'll have a Paki/Indian war on Venezuela? The possibilities boggle the mind.

Posted by Frank G 2005-03-05 3:28:42 PM|| 2005-03-05 3:28:42 PM|| Front Page Top

#11 Something that people who go on and on about the geopolitical significance of side deals with China, Japan, et al, is that there is *one* market for raw materials. If prices go up, overall demand goes down, which eventually brings prices down, as producers try to sell more to keep their revenue streams level with what they got at peak prices. (This is because raw materials producers usually get used to living large during the good times. When oil prices dive, they jump pump more).

Posted by Zhang Fei 2005-03-05 6:26:07 PM|| [http://timurileng.blogspot.com] 2005-03-05 6:26:07 PM|| Front Page Top

#12 The problem is that energy is a fundamental input to economic activity. Economic activity increases then energy demand increases. Over the last 15 years the worlds economy has been growing by around 4% a year primarily thanks to China and India, so demand for energy has risen and will continue to rise as long as economic expansion continues. There is no way out of this except a severe recession caused by $100 a barrel oil and thats only temporary until we find a permanent replacement for oil (and that isn't windmills or fuel cells).

Increasing prices alone will only tend to decrease consumption. They will not necessarily lead to an actual decrease below a price no one is prepared to talk about - well over $100/barrel, because of the economic growth effect.

Posted by phil_b 2005-03-05 10:03:47 PM|| 2005-03-05 10:03:47 PM|| Front Page Top

#13 Chavez is extremely stupid and short-sighted. It would take the US about 15 minutes to put his entire oil-exporting industry out of action for years. What's he going to do in the meantime - drink that stuff? He's doing everything in his power to show he's "Macho". In the meantime, he's setting himself up as enemy number one south of the border.

Posted by Old Patriot 2005-03-05 11:30:47 PM|| [http://oldpatriot.blogspot.com/] 2005-03-05 11:30:47 PM|| Front Page Top

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