I bet Hugo is PISSED
Oil below $70
It's finally around actual supply vs demand. Ol Hugo in his bid for unlimited power has taken over damn near everything in his country. Since his nationalization of the oil companies, production has actually decreased by 33%. Also, despite his rabid hate for the USA, we're his ONLY customer paying full price. Every other country he ships to is in some sort of pay 20% now the rest over 30 years program. Or some other discount program. Oh and we're paying cash and not buying on credit.
So now not only is he producing less and thus bringing in less money for his impovrished subjects.. sorry "citizens", he's earning less on what he is exporting. All his talks of "cutting off oil to the USA" are just saber rattling. If we stopped buying from him, he'd be facing a revolt in months. At this point he's bringing in half oh what he was in july. HALF!
Good job hughie. I'm sure once you finally declare yourself dictator for life, people will just forget all the promises you made. Anyone who doesn't you can just kill. I really can't wait for the day when the people of Venezuela finally overthrow this tyrant.
I have a word limit on my cynicism