Saturday, June 30, 2007

Has Caracas moved to Alberta?

There is a lot of oil in Alberta. The problem is it's very costly to get it out of the sands. The techniques used to get oil in Venezuela work quite well in Alberta. Given that Chavez has driven out a number of experienced oil workers and given the high price of oil, it is little wonder that Alberta has become the place for Venezuelan oil workers, many of whom can make more than $100,000 a year. Alberta houses more than 3,000 Venezuelan families. Some churches now offer at least one Mass in Spanish.

Perhaps the migration of the oil workers is the reason why Venezuela's oil production is 20% less now than it was in 1999, although prices are quite a bit higher today.

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