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Originally Posted by 60_Driver
I find it alarming that we don't have the will to stop hitting the bong.
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Well said. It is, perhaps, even more alarming when one considers the profound dependence we have on imports of foreign crude. The businesses along our crowded expressways would die quickly should the supply be interrupted.
It also interesting to note that Chavez' behavior is creating broader ripples. In today's Wall Street Journal:
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The parent company of Hong Kong-listed PetroChina, China National Petroleum Corp., turned down a chance to buy a stake in the South American assets of Spanish oil company Repsol YPF SA. People familiar with the proposed deal said CNPC, China's leading oil-and-gas producer by output, feared the wave of nationalization spreading across South America could imperil the return on investment.
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This has implications for capital investment in oil projects throughout the region, hence in future productivity of the fields.
The implications for the U.S. are not, in my opinion, pretty.