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Re:Venezuela’s Currency Has Had its Biggest Monthly Collapse by adventured on Thursday November 24, 2016 @06:55PM (#13033559)
The most interesting thing about Venezuela's oil, is that by the time they could get around to extracting any meaningful volume (in proportion to the total), oil will have lost the majority of its demand. Venezuela has maybe 30 years tops to extract as much oil as they can before the bottom falls out. The odds are, they'll never see even a small fraction of that wealth extracted, it'll remain in the ground and the time of oil will pass.
Re:Venezuela’s Currency Has Had its Biggest Monthly Collapse by StavrosK on Thursday November 24, 2016 @08:09PM (#13033802)
I don't know if the time of oil will pass this soon, we make plastics from it and it's still the best store of energy we know of (in terms of calories per unit of weight). Batteries are nowhere near.
Re:Venezuela’s Currency Has Had its Biggest Monthly Collapse by adventured on Thursday November 24, 2016 @09:12PM (#13033989)
You're referring to today. 30 years is a long time technologically. Especially given the extreme market pressure that is beginning in regards to electric vehicles and home + utility storage. You've no doubt seen the lithium storage to price curve and that's pathetic battery technology compared to what is ahead of us. Batteries will improve dramatically in all regards (battery skeptics previously universally failed to predict the lithium battery price plunge).

My premise is that the majority of oil demand will be gone in 30 years or so, not all of it. Losing the automobile industry to electric (nothing can stop that over the coming 30 years) will cut oil demand in half globally without anything else changing. Venezuela is cursed with mediocre quality oil that isn't easily extracted, so they'll be the first losers as oil demand falls (Saudi Arabia, Iran, Iraq, Kuwait, Russia as low cost producers will be the last standing and will fill that last 50% of the market that more slowly erodes).

Re:Venezuela’s Currency Has Had its Biggest Monthly Collapse by aclsid on Thursday November 24, 2016 @10:06PM (#13034161)
I think the oil companies would disagree with you. Even with electric cars and whatnot, look up the figures, oil consumption around the world just keeps increasing, and more to the point, some nations are running out of it, at least for exports.

Venezuela still has a lot of light crude oil, and also the large heavy crude deposits, which is still cheaper to refine than shale oil for instance. The industry here still has not even touched all the offshore resources properly and it is mostly suffering from lack of investment, especially in exploration for new wells.

And in the end, when all that is consumed we will probably turn to the uranium and God knows other minerals in the Amazon, instead of properly developing and diversifying the economy.