Oil-rich Venezuela's need to import gasoline demonstrates the abysmal management of the country over the last two decades.
The World’s Biggest Green Hydrogen Plant Is Planned For California. Its Prospects For Electric Power And Transportation?
Oil production and refinery output have suffered spectacularly because of lack of maintenance. Refining began in the 1860s with equipment similar to that of moonshiners—cooking the oil and condensing out the desirable light products, namely kerosene. . Modern refineries still perform this basic function, but with instrumentation and chemicals that optimize production.
So, the Maduro regime could repeat this, but hopefully with one change: perform the most basic maintenance and refurbishing of refineries, but give priority to oil production. Historically, the refining sector has been much less profitable than oil production, especially in resource-rich countries like Venezuela. Unfortunately, governments often emphasize investment in refineries as if they were strategic businesses, which has not been true for a long time.
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