General Discussion

I don’t think there’s any credible evidence that the Venezuelan oil properties were well managed after Chavez’s nationalization. In fact, I think there’s considerable evidence that they weren’t. Running off petroleum engineers, technicians or geologists doesn’t strike me as signs of good management.

This is not an argument against state ownership or oil producing countries owning their oilfields, pipelines, refineries or shipping terminals. I think that they can be better-managed and while I WON’T heap praise on Saudi Arabia or its society, I will give credit to Saudi Arabia’s ARAMCO, for being much better-run than the hot messes still in place in Venezuela.