Originally Posted By: lonestar
Be it thin or thick, the best numbers or so-so numbers, or the least expensive oil available I would walk right past it. Why in the world would you want to support Citco and send more American dollars to Venezuela?
lonestar,
I share your dislike of the current Venezuelan regime. I am not a Citgo/Mystik apologist, but rather a supporter of their American employees and their ranch and farm store distribution channels.
One of today's realities is that the U.S. dollar is a reserve currency in circulation throughout the world and is flows freely through our capital markets. It is no surprise that Cities Service/Citgo was actively pursued by T. Boone Pickens (Mesa Petoleum), Gulf Oil, Occidental Petroleum, and Southland (original owners of 7-Eleven). I understand that a 50% stake was sold to the Venezuelan state oil company in 1986. The rest was sold in 1990. Hugo Chavez became president of Venezuela in 1998.
lonestar, you and I could list dozens of American companies now under foreign ownership. In similar fashion, about 45% of the revenue of S&P 500 companies comes from outside the U.S.
I agree that Mr. Chavez is not the ideal public face for Citgo/Mystik operations in the United States.
As an aside, I had to good fortune to spend several months on a computer project in Caracas. I enjoyed working with the client's staff and staying at the Hotel Tamanaco. Of course, this was in the early 1980's. I am confident that some day things will improve.