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PDVSA Gas, Isla de Margarita As of 2003, Venezuela had 77.5 billion barrels (1.232 × 10 10 m 3) of conventional oil reserves according to PDVSA figures, the largest in the Western Hemisphere and making up approximately half the total.
On 29 August 1975, during the tenure of President Carlos Andrés Pérez, "Law that Reserves the Hydrocarbon Industry to the State" was enacted and the state-owned company Petróleos de Venezuela (PDVSA) was created to control all oil businesses in the Venezuelan territory. The law came into effect on 1 January 1976, as well as the ...
Unlike the previous strikes, this oil strike included not only the PDVSA management but also substantial parts of its operational staff, including virtually all of its marine flotilla captains. Within days the company was paralyzed. [citation needed] Long vehicular traffics in gas stations on December 10, 2002.
Filling up your car at the gas pump could also become more burdensome. Trump ordered 10% tariffs on natural oil and gas from Canada and Mexico to begin in March. If those take effect, Americans ...
Oil and gas production subsequently weakened while demand increased, and in 2011 Argentina recorded the first energy trade deficit since 1987. [20] In April 2010, Argentina's president Cristina Fernández de Kirchner introduced a bill on April 16, 2012, for the expropriation of YPF, the nation's largest energy firm. The state would purchase a ...
Long lines of vehicles at a gas station on 10 December 2002. At the beginning, the strike only involved the companies of the employers' association and the unions affiliated to the Workers Federation, but soon PDVSA's directors and employees at the management level decided to support it. As such, the country was practically paralyzed.
De Haan anticipates that the national average for gas will rise by $0.25 to $0.60 between now and mid-April, with the costliest driving fuel remaining along the West Coast.
The refinery was a joint venture between Hess Corporation and PDVSA. For most of its operating life as Hovensa, it supplied heating oil and gasoline to the U.S. Gulf Coast and the eastern seaboard with the crude mainly sourced from Venezuela. Previously it had sourced its crude feedstock from a number of other countries including Libya.