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Open original source ↗ICYMI. Destroyed infrastructure isn’t rebuilt overnight.
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100% concur with @RazorOil Everyone cheering the Venezuela deal that thinks a flood of cheap oil is about to hit and pull gas prices down. It isn't. Venezuela pumps about 1.2M bpd right now, up from just under a million. That gain came mostly from Chevron ramping up existing wells after sanctions were lifted, not from new drilling. The easy barrels are already back. The reserve number is a stock that will take decades to convert to flow. It is a 100 year deal because it takes decades. The barrels that could actually move a US pump price are 5 to 15 years out.
chigrl ↗