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S Illinois | The big oil reserves are in country however. Lake Maracaibo area and then on a line running from the coast roughly where Trinidad and Tobago is SE deep into inland Venezuela. Caracus is very far from either so perhaps it’s “they have their area, we have ours” situation?
Edit: Extraction costs could also an issue. Those cost are similar to Canada oil sands. Not much incentive for massive investment at $50-60 oil.
Edited by w1891 1/5/2026 08:59
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Venezuelan economist
