Little Caracas on the Prairie
Spencer Jakab | Wall Street Journal | December 10, 2018
You know things are bad when North Dakota zooms past you.
Venezuela, by some measures home to the world’s largest crude reserves, saw oil output drop in September to a four-decade low of 1.17 million barrels. The same month saw North Dakota, owner of the Guinness World Record for the most snow angels, produce a record of nearly 1.3 million barrels.
Fracking technology accounts for North Dakota’s ascent, but so does bad policy. Go back to 2000, Hugo Chávez’s first full year in power, and Venezuela pumped nearly 3.2 million barrels a day, or about 33 times what North Dakota managed.
At least Venezuela still has better weather, global warming notwithstanding. North Dakota recorded the coldest temperature on earth to ring in 2018 on a day when Caracas only dipped to 73 degrees Fahrenheit.