News for hackers. Stuff that matters.

A comment on Venezuela devalues the bolivar by 95% and pegs it to ‘oil-linked’ cryptocurrency. Parent comment

Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by 2trill2spill on Monday August 20, 2018 @02:54PM (#17802750)
The fact that this list puts the United States at 11th in Oil reserves is highly suspect. Also your source even says that the list is unreliable [1]. I personally wouldn't use this list as a source. Also if Venezuela starts increasing its production beyond 2 million barrels per day they could help to lower crude prices, which would probably have a negative effect on them and other OPEC countries.

[1]: "Some statistics on this page are disputed and controversial. Different sources (OPEC, CIA World Factbook, oil companies) give different figures. Some of the differences reflect different types of oil included. Different estimates may or may not include oil shale, mined oil sands or natural gas liquids."

[ Parent | on HN ]
Re:Venezuela devalues the bolivar by 95% and pegs it to ‘oil... by nostrademons on Monday August 20, 2018 @07:20PM (#17805034)
At $100/barrel the U.S. has the largest oil reserves in the world by far:

https://en.wikipedia.org/wiki/Oil_shale_reserves

https://en.wikipedia.org/wiki/Oil_shale_economics

Even with conventional oil, though, 11th place worldwide seems reasonable, particularly compared to neighboring countries (behind Nigeria and ahead of Kazakhstan, China, and Qatar). Don't forget that the U.S. still has very active oil production in Alaska, Southern California, Texas/Oklahoma, and the offshore Gulf of Mexico.

[ Parent | on HN ]