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Old 03-18-2013, 08:23 PM   #11
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Join Date: Jul 2006
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Default Re: Countries with most oil reserves

Originally Posted by LamarOdom
What are they doing with it all and why are they not living the good life, the country only have 28 million citizens and with all this oil they should all be loaded, GDP per capita for the country is around 12,000.
Normally it's private oil companies making money. Before hugo chavez, the private companies where almost getting venezuela oil for free.

Repsol had "stripped" YPF, failed to invest, produce or explore, using the company, as even the Financial Times admitted today, as a "cash cow" to produce funds that would be invested outside of Argentina. "Had this policy of looting, no production, no exploration continued...we would have become an unviable country, not due to lack of resources, but to business practices" and finance, Fernandez said. She documented that Repsol's "business" model meant that in 2011, for the first time in 17 years, Argentina was forced to import oil and gas, to the tune of $9 billion, despite possessing plentiful resources.
lol yes capitalism is really good.
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