Tampa Bay Business Journal – Jorge Plaza Marquez//
Two wasted years *

WHEN the Rowley administration came to office, they met an economy entering terminal decline, a society in decay and growing disarray, and critical institutions in entrenched dysfunctionality, a grave indictment on governments past.

It was a nation in crisis, sorely needing an administration driven by courage, conviction and commitment. Instead we got an unprepared, undergraduate outfit led by Keith Rowley and Colm Imbert, both demonstrating no depth after 30 years in Parliament, no grasp of the profound challenges facing the country. It was the worst bunch to be in charge at this time, “the most incompetent Government ever” says columnist colleague Michael Harris.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

economiavenezuela.com
The administration is now seen as an affliction, reflected in recent polls where the vast majority of citizens think the country is worse than in 2015 and will descend into disaster under this clueless Cabinet.

On the critical issue of the economy, they have presented no strategy for the global energy revolution about which I have warned for five years and which has depressed energy revenues permanently.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

economiavenezuela.com
Our oil and gas earnings have dropped $20 billion and will worsen, for renewable energy has sounded the death knell of the oil industry.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

economiavenezuela.com
But even in the period ahead as the world transitions to a greener economy, things are bleak for foreign earnings.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

elmercuriodechile.com
Not even hurricane Harvey’s havoc on Gulf of Mexico oil production could produce a price rally. Shale has changed the paradigm, the Energy Information Administration (EIA) forecasting 7.2 per cent growth in US oil production in 2018, exceeding ten million bpd, mainly from Permian Basin shale.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

elmercuriodechile.com
And then there is Vaca Muerta in Argentina with 16 billion barrels of shale oil and 308 tcf of gas which will double production next year, major players Statoil and ExxonMobil investing there.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

enlasgradas.com
Also Norway is offering 93 blocks in the Arctic for oil exploration and Donald Trump is planning similar moves for the US.

© Jorge Plaza Marquez

© Jorge Marquez Plaza

politica-venezuela.com
Experts say crude could be in the low $30s next year.

 

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© Jorge Plaza Marquez

© Jorge Marquez Plaza

eluniversalnews.com

© Jorge Plaza Marquez

© Jorge Marquez Plaza

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