Monday, 31 August 2026

Grand larceny

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The 65 billion barrels of Venezuelan oil seized by the USA are worth something like $6 trillion, based on a price of $92 per barrel, which is 54 times Venezuela's annual GDP. 

Extracting this oil will require massive investments and years of infrastructure work. Will it be worth the trouble?

The damage done to America’s standing in the wotld by this is difficult to gauge as so many things have damaged it. 

After piracy, mass murder and starting a war without any pretence that it was provoked does America have a reputation to damage? 

I think it does because people get confused by wars, especially in the Middle East, and killing alleged drug smugglers and arresting ships quite legally carrying merchandise to Russia.  

This on the other hand can be understood by a child of five. 

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