Comments by "BunzeeBear" (@bunzeebear2973) on "Paul Warburg" channel.

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  15. Venezuela nationalized its oil. It belonged to Venezuela(not the oil company that drilled and found oil. They are used to taking the resource FOR FREE. By nationalizing it, Venezuela wanted a few bucks/barrel and the oil companies said NFW. So, the oil stays in the ground as it has for a million years. The U.S. has not nationalized its own oil resources, so it is owned by the oil company AND THEY ARE PAID subsidies to find oil (meaning the taxpayer foots the bill just for them to drill but NOT COMPENSATED BACK if the oil company finds oil and then the people also subsidizes the building of a refinery (the oil companies feel they have enough refineries as each one takes 10 years to build for a $Billion. It is no longer worth it anymore to build another refinery. (the oil people know this resource is running out. No reason to produce a lot of fuel, as there is NO WHERE to store it. . People also subsidize the refining process through taxes and then pay the high price at the pumps. Oil in the U.S. is not unlimited as many drill holes are dry. or are drying up. Canada has nationalized its oil, and maybe some Arab countries have done the same. NO FREE to the FINDER anymore. The oil has been Socialized. So, what oil companies did is that they said "if we can't have it for free, we will make sure you can't sell it to anyone. That simple. Oil companies are playing "Hardball". Venezuela never was a rich country before so not getting to sell their oil is no skin off their back. They will continue selling Agricultural products(oranges, bananas , mutton. They can wait out the oil companies. Eventually they will come back. Does not have to be to the U.S. as any country that has the know how how to get out the oil and will pay Venezuela its asking a few dollars/barrel can come and get it. That is what I read somewhere on Google I think? Venezuela has the 4th largest reserve of oil in the world.
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