CNN: Venezuela is running out of cash and selling its gold
"The bottom line is that the (Venezuela's) spending is unsustainable with oil below $50 and needs to be reined in..."
Thursday, October 29, 2015
Oil
As we know, the world's oil glut has driven the price of oil way down since its high point during the summer of 2014. Oil producing countries which are very responsible for the glut itself are starting to feel the pinch of oil in the $40 per barrel range.
CNN: Venezuela is running out of cash and selling its gold
CNN: Venezuela is running out of cash and selling its gold
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3 comments:
To those countries living off of OIL wealth I say this, you are merely robbing our great grandchildren of their heritage. Using OIL now is like one of those reverse mortgages. It allows one generation to live well , but leaves their children with no inheritance. In this case that inheritance is a habitable planet. Shame on you and shame on us for allowing this to happen. We will be cursed by future generations for our greed, stupidity and arrogance.
On the ultimate side of things what you are sayings is pretty much undeniable. The CO2 stays in the atmosphere for 100 years, so generations will be adversely affected by what we are doing now, all of us are affected, producers, users, and non users. The wheels of industrial progress move slowly here and the reasons are many. We have huge oil companies with massive budgets and profits, billions and billions, we have investments, industry, this massive infrastructure of oil related industry, economy, and investment on all levels. Everyone has a hand in oil investment. You got money in a bank you are invested in oil, you're paying a bill you are invested. It will be a slow initial erosion of this as green renewable energy slowly, ever so slowly colors the globe, it's like trying to change the color of the ocean by adding a drop of black ink into it one drop at a time, however eventually it will change, there's no other choice. Is it too late? At the minimum we are going to see some wicked stuff even in our lifetimes, we already are. 165 Degrees equivalent in the M.E. this last summer - WTF.
The political side of this is also about power the power of money. The pols march to the beat of the cash drum not the will of the people.
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