{"id":2401,"date":"2014-12-03T12:50:58","date_gmt":"2014-12-03T17:50:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=2401"},"modified":"2014-12-03T12:53:56","modified_gmt":"2014-12-03T17:53:56","slug":"oil-war-pushes-venezuela-over-brink-probability-of-default-soars-to-84","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=2401","title":{"rendered":"Oil War Pushes Venezuela Over Brink, Probability of Default Soars to 84%"},"content":{"rendered":"<h1 class=\"entry-title\"><a href=\"http:\/\/wolfstreet.com\/2014\/12\/02\/oil-slams-venezuela-probability-of-default-soars-to-84\/\" target=\"_blank\">Oil War Pushes Venezuela Over Brink, Probability of Default Soars to 84%<\/a><\/h1>\n<h1><strong>Fracking, Tar Sands, &amp; OPEC Meet Decades of Mismanagement<br \/>\n<\/strong><\/h1>\n<p>OPEC member Venezuela has one of the largest oil and natural gas proven reserves in the world. It\u2019s the 12th largest producer in the world. It\u2019s still one of the top suppliers of crude oil to the US. Oil produces 95% of Venezuela\u2019s export earnings. Oil and gas account for\u00a025% of GDP. Oil is Venezuela\u2019s single most important product. Oil is its critical source of foreign currency with which to pay for all manner of imported\u00a0consumer and industrial products. But the\u00a0price of\u00a0oil has plunged\u00a035% since June.<\/p>\n<p>Venezuela was already in trouble before the price of\u00a0oil plunged. The fracking boom in the US and the tar-sands boom in Canada have been replacing Venezuelan imports of crude to the US for years. The Keystone pipeline, if Congress approves it, will replace costly oil trains to move Canadian tar-sands crude to US refineries, making it even more competitive with Venezuelan crude.\u00a0Shipments of crude from Venezuela to the US will continue to dwindle.<\/p>\n<p>Venezuela\u2019s budget deficit is 16% of GDP, the worst in the world. Inflation is running at a white-hot 63%, also the worst in the world. The economy is heavily subsidized, but now the money for the subsidies is running out.<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil War Pushes Venezuela Over Brink, Probability of Default Soars to 84% Fracking, Tar Sands, &amp; OPEC Meet Decades of Mismanagement OPEC member Venezuela has one of the largest oil and natural gas proven reserves in the world. It\u2019s the 12th largest producer in the world. It\u2019s still one of the top suppliers of crude [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[2,3],"tags":[195,200,588,592,851],"class_list":["post-2401","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-debt","tag-default","tag-oil","tag-oil-price","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2401","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2401"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2401\/revisions"}],"predecessor-version":[{"id":2403,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/2401\/revisions\/2403"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}