American Thinker: Big Oil has always had a reputation for propping up crappy little banana republics and tinpot regimes, and well, Chevron is squarely on the hot seat for that one these days.
See, it’s literally the only thing left that’s keeping Venezuela afloat, through its large investments in that country. If Chevron pulls out, the Maduro regime collapses. Now there’s some question as to whether it ought to be following all the other oil majors and pulling out.
According to today’s Wall Street Journal:
Chevron’s dilemma is both moral and commercial. The California-based giant long enjoyed close relations with the socialist regime that controls the world’s largest oil reserves, and has earned big money in Venezuela—about $2.8 billion between 2004 and 2014, according to cash-flow estimates by analytics firm GlobalData .
The company is aware a pullout could trigger a collapse of the government’s finances, because a significant chunk of its scarce hard currency comes from joint operations with Chevron.
Yet by staying in the country as its economic and humanitarian crises deepen, the company risks damage to its reputation by being seen as supporting an authoritarian regime sanctioned by the U.S. government. It also isn’t making much money here anymore.
According to the Wall Street Journal report, Chevron is pretty much the last investor left in Venezuela, and the only source left for hard currency. The country’s money has melted down so badly in its one-million-plus inflation that it’s down to using a fake cryptocurrency of no credibility whatsoever. But socialists being socialists, they save the best for themselves — U.S. dollars — and Chevron pays and deals in U.S. dollars. If Chevron pulls out, Maduro gets the meathook. See how important this oil giant is to the Chavista regime’s capacity to stay afloat? more here
BREAKING FLA news
msnbc ignoring till they get there mouthpieces in place.
Getting HOT HOT HOTTER than California
If Chevron pulls out the chinese move in.
DING!DING!DING! a non a moose beat me to it.
So how about we let Chevron run itself and let the WSJ bitch and moan all it likes.
If Chevron pulls out, that means a million more Venezuelan “refugees “ hit the border.
“California-based…close relations with the socialist regime”. Which one, California or Venezuela?
I still avoid CITGO!
I am working with a company that has a small portion of their oil operation in Venezuela. They are in a hard spot because they don’t want their assets to go away, they have some very faithful employees that literally risk their lives daily to go to work. ( I guess everybody risks their life getting out of bed down there ) the police and military get fed. When there is an uprising they go into the street and shoot a few people then the mob fades.
They started there 15 years ago and now its kind of like working for the mob, it pays well as long as you can stay alive.
Shitco gas, people think you have a diesel you’ll belch so much smoke.
Should have been pulled 19 years ago; when Hugo had his Communist bloody Coup d’eatI
18 years ago I had 3 friends who were refugees from Venezuela. Hey had some hair raising tales to tell. Since only about 15,000 to 30,000 were killed by the Commies our MSM reported this violent overthrow as “an election”! Similar to our election of 1776. Hugo was a mean, ruthless, violent , brutal dictator! Hard to believe but the MSM tell lies! But nothing about Venezuela has been close to the truth since 1999! Absolutely all lies!
Chevron still has a chavista tapeworm and is infested with maduro ringworm and has become delusional, thinking they will be ok. It’s sad to watch a large creature be taken down by parasites,you find yourself averting your eyes