Venezuela blames U.S for global oil price slump

[Bacchus4.0]

CARACAS, Oct. 16 (Xinhua) -- Venezuelan President Nicolas Maduro on Thursday blamed Washington for the slump in global oil prices.

Washington is "flooding" the market with cheaper shale oil to bring down prices and ultimately impact Russia and other oil-producing nations, Maduro said at a televised Cabinet meeting.

"The U.S. and its allies want to affect oil prices to harm Russia, which produces around 10 million barrels per day, and that is the vital income of their economy," said Maduro.

Market analysts say a 20-percent dip in oil prices since June is driven by lower economic growth and weak demand for crude in Europe, along with signs that the core Gulf members of the Organization of Petroleum Exporting Countries are in no hurry to cut production.

http://news.xinhuanet.com/english/business/2014-10/17/c_133723506.htm
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Venezuela heavily subsidizes domestic oil/gas with a gallon of gas costing about 6 cents US.

[Comrade Grumpy]

1. I sympathize with the oil producing countries...

Hah hah. Just kiddin'.

[GummyBearz]

9. haha

Good one. I read the title and was about to throw something, then I read the rest and calmly put the cat back on the ground. Good kitty

[samsingh]

2. we'll take that as a compliment

[Gidney N Cloyd]

3. Um... you're welcome?

[FreeJoe]

4. The US is lower oil prices in multiple ways

The huge increase in oil production has added a significant amount of supply to the market.

The proposed end of QE3 along with ECB missteps has increased the value of dollar and, because oil is traded in dollars, its price is falling.

What are the effects of lower oil prices? It helps economic growth. It harms net oil producing nations. It increases CO2 production and hurts renewables. It slows the rate of drilling and fracking.

[Bacchus4.0]

5. and it pisses off Venezuela too. n/t

[FLPanhandle]

6. Same old routine.

Have a problem, blame the US.

I have to hope they don't really believe this bullshit but only say it to distract their population from their own mismanagement.

If they do believe it, then that explains why their economy is crap.

[Bacchus4.0]

7. and they don't want to hike gas prices in their own country, actually they would like to but

the 80s price hike resulted in riots, death, and the Hugo Chavez coup.

[Archae]

8. Naturally...

Maduro: "I stubbed my toe! The CIA did it!"

[Nye Bevan]

10. Cheaper gasoline AND piss off Russia and Venezuela?

Could this be Obama's winningest policy ever?