Wednesday, April 26, 2017
On the Fact that Some Progressives (this, After Having Ignored the Story for Months Searching for an Angle that Would Preserve Their Socialist Utopian Template) Are Now Blaming the Implosion of the Venezuelan Economy on "Artificially Low Oil Prices" Caused by Saudi Arabia "Flooding the Market with Supply"
More economic illiteracy from the hard-left. a) The low prices are a by-product of supply and demand (the fracking revolution in America, the fact that Iraq and Iran are coming back on line, etc.), not some nefarious cabal to destroy a nation. b) The Saudis haven't flooded the market with cheap oil in that their production has only gone up by about 3% (https://www.indexmundi.com/energy/?country=sa&product=oil&graph=production). And c) low oil prices should in fact be good news for the other sectors of the Venezuelan economy but being that those are state run as well, yeah, not so much. I mean, I understand that this is a bitter pill to swallow (yet another state-run economy being steered into a brick-wall) and all but this "explanation" was pathetic even by progressive standards.