Thursday, February 18, 2021
How Did a Cold Freeze Result in Texas Becoming the Venezuela of Supplying Energy to Local Customers?
Venezuela,
home to the world’s largest oil reserves, is a case study in how central planning can cause difficult to imagine economic failures.
Starved of adequate investment and maintenance under central planning, Venezuelan oil output has declined to its lowest level in decades. This has led to output slumping in 2020 to as low as 339,000 barrels a day at one point. At its peak, Venezuela produced 3,453,000 barrels per day.
Iran and Nigeria have had to supply Venezuela oil.
This outrageous situation is playing out in a mini-version in Texas during the current cold freeze. There are rolling blackouts in a state that is a huge energy producer. It is causing millions to freeze.
Water crisis in Texas as winter weather continues to wreak havoc across US - World News castanet.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from castanet.net Daily Mail and Mail on Sunday newspapers.
The chaos in Texas amid freezing weather that has left millions in the cold and dark has made its way to the state's hospitals. One issue that has caused things to become.