According to the law of comparative advantage in economics, each country has production advantages in comparison to other states. Venezuela too, has its strengths. It produces more Major League baseball players per capita than most other countries. Along with Puerto Rico, it has won the most Miss Universe crowns over the past two decades. Venezuela is also ranked around #7 in terms of proven oil reserves.
In mid-May the country’s Aban Pearl platform sunk. Apparently the safety mechanisms functioned and there are no ongoing gas leaks. All employees were safely evacuated.
Maybe Venezuela has some kind of comparative advantage when it comes to the sinking of oil or natural gas platforms? Then again, any response is easier in 160 meters of water rather than the 1500-meter depth of BP’s Deepwater Horizon oil drilling platform.
There has been little or no news since the first reports of the loss of the seemingly forgettable Aban Pearl. Meanwhile, daily updates about the ongoing BP disaster in the Gulf of Mexico mean that the name Deepwater Horizon will be etched into our collective memory.
A few months ago, I wrote about the early stages of the conflict in Ukraine through the lens of Sun Tzu’s The Art of War. While it appears likely that the war will carry on into the foreseeable future, enough time has passed for us to make an honest assessment of each side’s relative […]
The Ukrainian Army has made dramatic strides in the last few weeks. Ukraine’s tactical commanders have outfoxed their Russian counterparts, and by issuing a feint towards the south the UA has been able to earn substantial gains in the north of their country. The impact of these efforts have been compounded by the steady stream […]
In mid-May the Irish political party, Sinn Féin, won the plurality of seats in the Northern Ireland Assembly. Many American readers might not fully understand the significance of Sinn Féin’s political victory- but rest assured that subjects of the United Kingdom and a wide range of political movements the world over have heard the message […]
The first wave of the Russian offensive in Ukraine has fallen short of Russian autocrat Vladmir Putin’s ambitions. Most analysts deduced that Putin had hoped to achieve a decapitation strike of the Ukrainian government- taking Kiev and replacing Ukrainian President Vladimir Zolinski with a pro-Kremlin voice. Kiev has been threatened repeatedly through the course of […]
On the weekend of March 26th, the notorious MS-13 gang went on a massive killing spree in El Salvador which left more than 70 people dead by Sunday. Even for a country where powerful gangs hold massive sway, this recent tragedy stands out considering that it was the bloodiest day on record since the civil […]
