PDVSA’s ‘Operational Emergency’

There is something really funny that happens all the time after countries go though oil nationalizations or re-nationalizations as Venezuela is re-discovering the hard way. The path is simple. Oil is declared the national treasure that the often hated foreigners, headed by the United States, want. Controlling that oil becomes a symbol of national emancipation and assertiveness.

Then reality sinks in. Oil in the ground might as well be on the moon. It takes very complicated technology to extract it.
HumanEvents