Recent comments in /f/dataisbeautiful

Questjon t1_j8hrsrq wrote

There's no good answer, they thought the job was easier than it was and they'd be freeing up a few hundred billion dollars a year that they believed rightly belonged to their country. I'm sure in hindsight they'd do things differently.

The Saudis as you say did things the smart way, they started out with a 50/50 profit split with American companies and over time used their profits to take more control and increase taxes and eventually own the entire industry and diversify profits. That process did take 50 years though and Venezuela's government wanted fast results because they weren't an authoritarian regime like the Saudis and needed to win the next election.

Although Maduro fucked the economy so badly that he ended up turning Venezuela into a sham democracy and seizing authoritarian power because there was no chance of him winning a fair election. The road to hell is paved with good intentions.

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Richardkluge t1_j8hp1te wrote

As others have noted, proved reserves (in the US) should not be used this way. They are a financial definition used to support loans for drilling. You can increase proven reserves by drilling more test wells. USGS estimate of oil reserves for those who are curious: https://www.usgs.gov/news/national-news-release/usgs-announces-largest-continuous-oil-assessment-texas-and-new-mexico

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crazyhadron t1_j8hmwii wrote

Hopefully the rise in renewables will clear India's air quality. Would've been nice if the farmer's bill had passed. We'd have fewer morons burning crop stubble to plant rice in a hurry.

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kileydmusic t1_j8hmcjs wrote

I also just want to call this out as I do on related posts.

After defaulting on student loans for 9 months, the US Dept of Edu buys them from Sallie Mae (large lender) and puts on huge amounts of interest. If you still default, they sell it to collections agencies, ones that don't give a shit about your income, that add even more interest.

The US will never have free upper education because poor people borrowing money is profitable to them.

And before anyone gets shitty about it being my own fault, I knew nothing about finance and never had money growing up. When it was offered, I took it. They didn't ask me to talk to anyone about it and actually wanted me to get my mom to take out a loan for me. I still owe 50k on 24k worth of loans from 2007 and earlier.

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