Venezuela's oil reserves swell to 130 bln barrels

Theres plenty of oil reserves at Canada at Nova Scotia. No need to go to Alaska or even Middle east.

I've heard that there is really not that much oil in Alaska anyway. About 3 months worth or so. The amount of infrastructure that they would have to put in place (roads, pipes, buildings, water lines, electricity, etc.) makes the venture not cost effective for the oil companies involved and would disrupt a huge amount of wildlife habitat.

This is not about Canada or Alaska, this article is about Venezuela !

Do you have any interesting comment.

boredwithdinoblood wrote:

Theres plenty of oil reserves at Canada at Nova Scotia. No need to go to Alaska or even Middle east.

The whole idea is to DECREASE our dependence on oil. Changing sources is a short-term solution. Force energy innovation by keeping gas prices high and channel the excess profits into research and development.

In the meantime, sacrifice (something Americans are reluctant to do..."I'm a fat pig, I need an SUV!")

Sembrar el petróleo.

Venezuela may have more oil but not for... America. Venezuela is preparing to cut off its oil supply to the American people that became hostages of the Socialistic tyrant Chavez.
It is a well-planned conspiracy of Chavez with the Iranian regime of Ahmadinajad and with the support of Saudi Arabia King Abdullah to stop the oil supply to US at very short notice only to cause chaos in US, destroy its economy, and cause defeat of US troops in Iraq and Afghanistan.
The dependency of America on its worst enemies is worrisome, shameful, and irresponsible and should cause major worry to every American.
The oil that every American needs on a daily basis that is in the hands of radical Islamic regimes that sponsor Islamic terrorists can be used as major weapon against America.
US congress which is ruled by the left wing liberal Dems who are led by Hillary has prevented any US domestic oil production in US only to protect 'the sex life of the Caribou' in the frozen Tundra which is a no man area where nobody ever visit. Since Bill Clinton signed a veto in 1995 on oil drilling in ANWR and all over US land and waters, US lost its independence as a nation and now President Bush is sending our troops to the Middle East to protect the oil fields of Iraq, which is sad.
During the 13 years since Bill Clinton’s veto, US paid the Islamic terrorists supporting and financing regimes 1800 billion dollars that were used for recruiting, training, and arming of the Islamic terrorist organizations all over the Middle East and for their attacks in Iraq, US and all over the world, which is unforgivable.
It is time to start immediately US domestic oil drilling in US land and waters. In addition US must start immediately converting gas, oil shale, tar, hydrate and coal to clean ‘organic’ gasoline at low price of less than $2 a gallon for hundreds years to come under EPA cleanliness rules.
It is about US national security and economy that are at stake and every day could be the day when Chavez will shut off the oil valve and leave the American people cars stuck on the US highways with no fuel...

Juanito wrote:

This is not about Canada or Alaska, this article is about Venezuela !
Do you have any interesting comment.

Yes I do,it would give us needed relief. Make the S.O.B.,Chavez,an offer he cannot refuse.$ 25.00 a barrel for crude,or his butt winding up like Saddam.

When you deal with thugs ,you treat them as such!..they understand raw,brutal power!

The other alternative is have Obama,like he said he would,,kiss his butt on International TV....what ever works first Is OK for us!!

I hope Oil reaches $200.00 per barrel by mid summer. Keep that CHOKE HOLD on America's throat.

Chavez is an opportunist, having cornered the control of a very large amount of oil. But it would seem that there are other opportunists in Venezuela that would be only so happy to trump him.

May they seize the opportunity.

BEAN wrote:

<quoted text>
Yes I do,it would give us needed relief. Make the S.O.B.,Chavez,an offer he cannot refuse.$ 25.00 a barrel for crude,or his butt winding up like Saddam.
When you deal with thugs ,you treat them as such!..they understand raw,brutal power!
The other alternative is have Obama,like he said he would,,kiss his butt on International TV....what ever works first Is OK for us!!

Chavez is not a thug, thank you very much. He is a man who has some serious disagreements with the way that America has been heading recently, and I applaud him for standing up to the United States government.

The only 'thugs' there are: people like you, who are calling for a SOVEREIGN COUNTRY to be threatened into giving us oil at rock bottom prices, or fear being invaded.
That is TRUE thuggism there.

Leria wrote:

<quoted text>
Chavez is not a thug, thank you very much. He is a man who has some serious disagreements with the way that America has been heading recently, and I applaud him for standing up to the United States government.
The only 'thugs' there are: people like you, who are calling for a SOVEREIGN COUNTRY to be threatened into giving us oil at rock bottom prices, or fear being invaded.
That is TRUE thuggism there.

He is a S.O.B.A dictator.He suppress his people.An egotistical megalomaniac.He wants no elections, wants to be dictator for life..is that Democracy?? HUH??Do people vote,like are there more than one on the phony ballet?

Where is that money going" why are most people in poverty.

In reality he ,altho a fat slob,is really a very little,silly man.A real joke. Like some pesky mosquito.The US tolerates him,humor the bum.He better watch his butt if he wants to get in the big leagues.

Those last riots in Venezuela showed the people are not free.His Gestapo police are the brutalizes of the people..get a life.
I must ask you,the question,if he is so good,why in hell do you stay here in America!Go to Cuba,they will accommodate you! I hope you got papers.Your probably freeloading off welfare system...go back!..you will love It!! your a very naive stupid person,with a personnel problem.
"God Bless America"...can you say that? or are you using that half of your brain,the preacher alludes too.....Jerk!

Jones wrote:

Venezuela may have more oil but not for... America. Venezuela is preparing to cut off its oil supply to the American people that became hostages of the Socialistic tyrant Chavez.
It is a well-planned conspiracy of Chavez with the Iranian regime of Ahmadinajad and with the support of Saudi Arabia King Abdullah to stop the oil supply to US at very short notice only to cause chaos in US, destroy its economy, and cause defeat of US troops in Iraq and Afghanistan.
The dependency of America on its worst enemies is worrisome, shameful, and irresponsible and should cause major worry to every American.
The oil that every American needs on a daily basis that is in the hands of radical Islamic regimes that sponsor Islamic terrorists can be used as major weapon against America.
US congress which is ruled by the left wing liberal Dems who are led by Hillary has prevented any US domestic oil production in US only to protect 'the sex life of the Caribou' in the frozen Tundra which is a no man area where nobody ever visit. Since Bill Clinton signed a veto in 1995 on oil drilling in ANWR and all over US land and waters, US lost its independence as a nation and now President Bush is sending our troops to the Middle East to protect the oil fields of Iraq, which is sad.
During the 13 years since Bill Clinton’s veto, US paid the Islamic terrorists supporting and financing regimes 1800 billion dollars that were used for recruiting, training, and arming of the Islamic terrorist organizations all over the Middle East and for their attacks in Iraq, US and all over the world, which is unforgivable.
It is time to start immediately US domestic oil drilling in US land and waters. In addition US must start immediately converting gas, oil shale, tar, hydrate and coal to clean ‘organic’ gasoline at low price of less than $2 a gallon for hundreds years to come under EPA cleanliness rules.
It is about US national security and economy that are at stake and every day could be the day when Chavez will shut off the oil valve and leave the American people cars stuck on the US highways with no fuel...

everyone is so stupid on this issue. U.S. policy should be to use up their oil first .. then ours .. very simple.

BEAN wrote:

<quoted text>
Yes I do,it would give us needed relief. Make the S.O.B.,Chavez,an offer he cannot refuse.$ 25.00 a barrel for crude,or his butt winding up like Saddam.
When you deal with thugs ,you treat them as such!..they understand raw,brutal power!
The other alternative is have Obama,like he said he would,,kiss his butt on International TV....what ever works first Is OK for us!!

Chavez is stockpiling WMD's and a major force behind al Qaeda, no?

Last week, three of the world's biggest oil companies reported record-breaking quarterly profits in excess of $27 billion.

It's pretty hard to fathom that kind of money -

but what is easier for the rest of us to see in real terms is also breaking records:

the cost of a gallon of gas.

And of course as the gas prices skyrocket yet again, rather than getting the energy leadership our country really needs, we hear the same old calls to drill for more domestic oil -

especially in some of our last wild places,

like the Arctic National Wildlife Refuge and the Polar Bear Seas (the Chukchi and Beaufort Seas off the coast of Alaska)...

Related Topix: Department of Energy

Graph : http://www.topix.net/world/canada/2008/05/nor...

Leria wrote:

<quoted text>
The only 'thugs' there are: people like you, who are calling for a SOVEREIGN COUNTRY to be threatened into giving us oil at rock bottom prices, or fear being invaded.
That is TRUE thuggism there.

Actually. That is free speech.

Thuggery is Chavez disestablishing political opposition parties, radio stations, and newspapers. Thuggery is Chavez nationalizing industry. Thuggery is Chavez financial and material support for leftist rebels in neighboring (sovereign) countries. Thuggery is the intimidation and/or imprisonment of anyone who raises his/her voice against Chavez.

Glad I could clear that up for you.

chavez offered us discount oil bush refused becauser he in in the oil business and chavezcalled bush stupid ,he is stupidand with refusing the oil he put the hurt on the whole country for his self pride,of which he has none.
venezuela has better oil then the middle east,we get more gallons of gas per.barrel which makes it cheaper to make.bush and cheny are stealing oil from iraq ,thats why they want us out of there!!

Chavez started an arguement where there was none.
Nobody cared what Chavez said. The US really doesn't care about Chavez. He's purchaced 200,000 rifles and 16 warplanes from Russia. The only person Chavez is interested on protecting is Chavez. HE was told to "S T F U" by other members of the South America during a conference.
The best thing US politicians can due when the press questions them about Chavez is just say "who"? That one word will pizz him off more than anything. Don't give him a voice. He trying to pick a fight in order to invoke Marshall law
which gives him soul power to rid Venezuela of any opposition political parties


Venezuela produces a heavy sulfur crude which very few nations can refine. The US happens to the major refiner of heavy sulfur crude. He can hold all the oil he wants nobody else can refine it in the quantities that the US can. He won't make any moneyto buy more weapons

I’m VERY tired of trying to explain the oil industry to those who know little or nothing about it!

I have no idea exactly what Venezuela is claiming in “new oil” but the reserves in the Orinoco tar sands DO hold an enormous supply of material that can be converted to a “crude substitute” that many modern U. S. refineries could process. Lake Maricabo also holds a light sweet crude but production is declining.

ralph wrote:

chavez offered us discount oil bush refused becauser he in in the oil business and chavezcalled bush stupid ,he is stupidand with refusing the oil he put the hurt on the whole country for his self pride,of which he has none.
venezuela has better oil then the middle east,we get more gallons of gas per.barrel which makes it cheaper to make.bush and cheny are stealing oil from iraq ,thats why they want us out of there!!

Chavez NEVER offered crude at a discount except to CITGO (whom Venezuela owns completely) and Lyondell/CITGO (who they owned half of until very recently). Even the crude from Maricabo yields no more gasoline and distillate than many other crudes.

The Canadian tar sands are also huge and several oil companies are working there. Costs of production are higher than in Venezuela but production will be profitable even if crude declines substantially in price.

Chavez recently threatened to nationalize the foreign companies facilities in the tar sands unless they gave majority ownership to the Venezuelan oil company. Most did but ExxonMobil and (I believe) Conoco/Phillips refused and their plants WERE nationalized. ExxonMobil is suing for $12 billion as a result. The Venezuelan owned CITGO here is probably worth that.

Chavez also recently increased the taxes on oil to 70% when price exceeds $100/Bbl as it does now. That allows the foreign companies remaining in Venezuela only about $30/Bbl, the price of crude quite a few years ago. Obviously they would prefer to drill elsewhere.

Canada wrote:

Last week, three of the world's biggest oil companies reported record-breaking quarterly profits in excess of $27 billion.
It's pretty hard to fathom that kind of money -
but what is easier for the rest of us to see in real terms is also breaking records:
the cost of a gallon of gas.
And of course as the gas prices skyrocket yet again, rather than getting the energy leadership our country really needs, we hear the same old calls to drill for more domestic oil -
especially in some of our last wild places,
like the Arctic National Wildlife Refuge and the Polar Bear Seas (the Chukchi and Beaufort Seas off the coast of Alaska)...
Related Topix: Department of Energy
Graph : http://www.topix.net/world/canada/2008/05/nor...

The oil companies WOULD love to drill in ANWR and off the Florida coast but even if all the oil we suspect MIGHT be there actually is, it would NOT come close to replacing what we import. Your country is the largest single source of those imports!

The profits of the major oil companies (U. S. and foreign—BP, Shell and Total) ARE huge in dollars but are only 5-10% of sales for the big ones. The average for manufacturing companies in the Fortune 1000 is slightly over 8%.

And over half the total profits for the largest U. S. oil companies come from exploration and production OUTSIDE the U. S. Conoco/Phillips has even purchased an interest in (20% I believe) Lukoil, the Russian oil company.

The real profits DO go overseas—to the countries who produce crude, Canada definitely included!

Jones wrote:

Venezuela may have more oil but not for... America. Venezuela is preparing to cut off its oil supply to the American people that became hostages of the Socialistic tyrant Chavez.
It is a well-planned conspiracy of Chavez with the Iranian regime of Ahmadinajad and with the support of Saudi Arabia King Abdullah to stop the oil supply to US at very short notice only to cause chaos in US, destroy its economy, and cause defeat of US troops in Iraq and Afghanistan.
The dependency of America on its worst enemies is worrisome, shameful, and irresponsible and should cause major worry to every American.
The oil that every American needs on a daily basis that is in the hands of radical Islamic regimes that sponsor Islamic terrorists can be used as major weapon against America.
US congress which is ruled by the left wing liberal Dems who are led by Hillary has prevented any US domestic oil production in US only to protect 'the sex life of the Caribou' in the frozen Tundra which is a no man area where nobody ever visit. Since Bill Clinton signed a veto in 1995 on oil drilling in ANWR and all over US land and waters, US lost its independence as a nation and now President Bush is sending our troops to the Middle East to protect the oil fields of Iraq, which is sad.
During the 13 years since Bill Clinton’s veto, US paid the Islamic terrorists supporting and financing regimes 1800 billion dollars that were used for recruiting, training, and arming of the Islamic terrorist organizations all over the Middle East and for their attacks in Iraq, US and all over the world, which is unforgivable.
It is time to start immediately US domestic oil drilling in US land and waters. In addition US must start immediately converting gas, oil shale, tar, hydrate and coal to clean ‘organic’ gasoline at low price of less than $2 a gallon for hundreds years to come under EPA cleanliness rules.
It is about US national security and economy that are at stake and every day could be the day when Chavez will shut off the oil valve and leave the American people cars stuck on the US highways with no fuel...

Jones,

There is just no way we could produce gasoline and/or diesel to sell for $2.00/gal in an economically and environmental practical way from any of the sources you suggest.

(1) Natural gas. Yes it can be converted to liquid fuels. I believe New Zealand already does that. Though we’ve had a surplus for some years, that’s gone and we’re starting to import LNG in expensive vessels.
(2) Oil shale. That field has been known of for years and several companies have gone bankrupt trying to produce liquid fuels from it. Shell is now testing a new method that seems promising but that’s “down the road.”
(3) Hydrate. I have no idea what you refer to. If it’s the methane hydrate in the polar regions, I see no easy way to recover the methane (natural gas).
(4) Coal. Long-term possibly the most promising. We have more energy in coal than the entire Middle East has in oil. There was loads of research on production of liquid fuels from it in an environmentally acceptable way during the Carter years that solved some of the problems but there are still others. South Africa has been producing liquid fuels from coal since at least the 1930’s but the process IS dirty, releases CO2 and their miners are paid next to nothing.

Venezuela IS one of the two “Price Hawks” of OPEC. The other has always been Iran. Saudi was able to keep prices somewhat lower by threatening to increase their supply (perhaps under our threat that we would let his neighbors invade and kill the Royal Family) but even they no longer have enough excess capacity. While Venezuela HAS been one of the top five suppliers of imported crude, they couldn’t really “leave us stuck with no fuel.”

I would like to actually see satellite pictures, pictures taken from airplanes or spy drones, of these billions of barrels of oil stored above ground and not un-pumped "barrels."

Here is where it gets good...

Acquire the height and width of a barrel of oil.

Multiply that by 30 billion in Venezuela's "proven" crude oil reserves.

Convert that area into latitude, longitude, minutes and seconds, height, width, right on top of Venezuela.

Then get out your algebra and measure the curved + shape between 30 billion barrels and add that to the volume area and then put that on top of Venezuela.

Or measure the barrel at what I hear is 42 gallons and put 42 gallons multiplied by 30 billion into a tank or multiple tanks.

You will get a clearer picture of who is not being exactly honest about oil reserves and material assets.