[Marxism] Mexican oil crisis; Venezuelan energy crisis, Cuba, etc.
sartesian at earthlink.net
Wed Nov 11 14:18:07 MST 2009
The Mexico article is interesting. What happened to last year's future
contracts for all of this year's output at $70/barrel? Did the contracts
all expire since August when oil broke the $70/barrel level? Did Mexico
hedge its position, and limit its own gains? Were the contracts unwound
before expiration on terms that provided Mexico with nothing. Those are a
few questions on the derivative side of this issue.
On the production side-- it's not just that Mexico hasn't invested in fields
outside Cantarell-- it hasn't invested in Cantarell itself to maintain
production levels. Mexico has seen no decline in proven reserves despite
continuing to pump from Cantarell without such investment, so we're
certainly not talking about an irreversible situation. Of course, for
Calderon and co. reversing means privatising and selling off the fields to
the oil majors.
Venezuela-- I find the story troubling.. disruption of utilities, of
supplies of electricity and water is too often the overture to the attempt
to overthrow a left government by eroding and exhausting its popular
----- Original Message -----
From: "nada" <dwaltersMIA at gmail.com>
To: "David Schanoes" <sartesian at earthlink.net>
Sent: Wednesday, November 11, 2009 1:27 PM
Subject: [Marxism] Mexican oil crisis; Venezuelan energy crisis, Cuba, etc.
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