“Iran may have a lot of oil in the ground, but how they will exploit that is anyone’s guess. They’ve spent no money worth mentioning on their oil industry since the shah left office. Much of their oil infrastructure is reported to be in very poor condition. Even worse is that their refinery capacity is rather limited, and also said to be in poor condition.
“In short, they have to import gasoline. Now they are acting as adviser to that screwball Chavez. Without Iran’s help, he has managed to lose about 20% of Venezuela’s pumping capacity already. One can only imagine what he can accomplish with ‘technical assistance’ from Iran.
“There is just no substitute for incompetence.
“The catch is that these lulus are going to constrict the remaining supply of oil on the world market. I plan to buy a bicycle.”