In early 2011, then-president Hugo Chávez and the Venezuelan government announced that the nation's oil reserves had surpassed that of the previous long-term world leader, Saudi Arabia.[17] OPEC said that Saudi Arabia's reserves stood at 265 billion barrels (4.21×1010 m3) in 2009.[19]

According to Rapier, Venezuela's oil reserves are largely of "extra-heavy crude oil" which might "not be economical to produce" under certain market conditions. (Reuters columnist John Kemp reports that Venezuela's "very dense crudes… are complicated to process," and are priced at a "large discount," when compared to the crudes of other producers.[20]) Rapier notes that the near-quadrupling of Venezuela's claimed "proven" reserves, between 2005 and 2014—from 80 Gbbl to 300 Gbbl—may have been due to soaring crude oil prices that made Venezuela's normally uneconomical heavier crude suddenly market-viable to produce, and thus elevating it to within Venezuela's "proven" reserves. Consequently, Rapier contends, periods of lower crude oil market prices may remove those reserves from the "proven" category—placing Venezuela's viable "proven reserves" well below Saudi Arabia's.[21]

By comparison, Rapier contends, the lighter crude generally associated with Saudi oil fields is cost-effective to produce under most market-price conditions, and thus is more consistently, and uniformly, part of Saudi Arabia's "proven" reserves.[21]

In early 2011, then-presidentHugo Chávezand the Venezuelan government announced that the nation's oil reserves had surpassed that of the previous long-term world leader, Saudi Arabia.[17] OPEC said that Saudi Arabia's reserves stood at 265 billion barrels (4.21×1010 m3) in 2009.[19]

According to Rapier, Venezuela's oil reserves are largely of"extra-heavy crude oil" which might "not be economical to produce"under certain market conditions. (Reuters columnist John Kemp reports that Venezuela's"very dense crudes… are complicated to process," and are priced at a "large discount," when compared to the crudes of other producers.[20]) Rapier notes that the near-quadrupling of Venezuela's claimed"proven"reserves, between 2005 and 2014—from 80 Gbbl to 300 Gbbl—may have been due to soaring crude oil prices that made Venezuela's normally uneconomical heavier crude suddenly market-viable to produce, and thus elevating it to within Venezuela's"proven"reserves. Consequently, Rapier contends, periods of lower crude oil market prices may remove those reserves from the"proven"category—placing Venezuela's viable "proven reserves" well below Saudi Arabia's.[21]

By comparison, Rapier contends, the lighter crude generally associated with Saudi oil fields is cost-effective to produce under most market-price conditions, and thus is more consistently, and uniformly, part of Saudi Arabia's "proven" reserves.[21]

In early 2011, then-presidentHugo Chávezand the Venezuelan government announced that the nation's oil reserves had surpassed that of the previous long-term world leader, Saudi Arabia.[17] OPEC said that Saudi Arabia's reserves stood at 265 billion barrels (4.21×1010 m3) in 2009.[19]

According to Rapier, Venezuela's oil reserves are largely of"extra-heavy crude oil" which might "not be economical to produce"under certain market conditions. (Reuters columnist John Kemp reports that Venezuela's"very dense crudes… are complicated to process," and are priced at a "large discount," when compared to the crudes of other producers.[20]) Rapier notes that the near-quadrupling of Venezuela's claimed"proven"reserves, between 2005 and 2014—from 80 Gbbl to 300 Gbbl—may have been due to soaring crude oil prices that made Venezuela's normally uneconomical heavier crude suddenly market-viable to produce, and thus elevating it to within Venezuela's"proven"reserves. Consequently, Rapier contends, periods of lower crude oil market prices may remove those reserves from the"proven"category—placing Venezuela's viable "proven reserves" well below Saudi Arabia's.[21]

By comparison, Rapier contends, the lighter crude generally associated with Saudi oil fields is cost-effective to produce under most market-price conditions, and thus is more consistently, and uniformly, part of Saudi Arabia's "proven" reserves.[21]

Donald J. Trump@realDonaldTrump

https://truthsocial.com/@realDonaldTrump/posts/114593880455063168

The U.S. Court of International Trade incredibly ruled against the United States of America on desperately needed Tariffs but, fortunately, the full 11 Judge Panel on the U.S. Court of Appeals for the Federal Circuit Court has just stayed the order by the Manhattan-based Court of International Trade.

Where do these initial three Judges come from? How is it possible for them to have potentially done such damage to the United States of America?

Is it purely a hatred of “TRUMP?” What other reason could it be?

I was new to Washington, and it was suggested that I useThe Federalist Societyas a recommending source on Judges.

I did so, openly and freely, but then realized that they were under the thumb ofa real “sleazebag” named Leonard Leo, a bad person who, in his own way, probably hates America, and obviously has his own separate ambitions.

He openly brags how he controls Judges, and even Justices of the United States Supreme Court — I hope that is not so, and don’t believe it is!

In any event, Leo left The Federalist Society to do his own “thing.” I am so disappointed in The Federalist Society because of the bad advice they gave me on numerous Judicial Nominations.

This is something that cannot be forgotten!With all of that being said, I am very proud of many of our picks, but very disappointed in others.

They always must do what’s right for the Country!

In this case, it is only because of my successful use of Tariffs that many Trillions of Dollars have already begun pouring into the U.S.A. from other Countries, money that, without these Tariffs, we would not be able to get.

It is the difference between having a rich, prosperous, and successful United States of America, and quite the opposite. The ruling by the U.S. Court of International Trade is so wrong, and so political!

Hopefully, the Supreme Court will reverse thishorrible, Country threateningdecision, QUICKLY and DECISIVELY.

Backroom “hustlers” must not be allowed to destroy our Nation!

The horrific decision stated that I would have to get the approval of Congress for these Tariffs.

In other words, hundreds of politicians would sit around D.C. for weeks, and even months, trying to come to a conclusion as to what to charge other Countries that are treating us unfairly.

If allowed to stand, this would completely destroy Presidential Power — The Presidency would never be the same! This decision is being hailed all over the World by every Country, other than the United States of America.

Radical Left Judges, together with some very bad people, are destroying America. Under this decision, Trillions of Dollars would be lost by our Country, money that will, MAKE AMERICA GREAT AGAIN.

It would be the harshest financial ruling ever leveled on us as a Sovereign Nation. The President of the United States must be allowed to protect America against those that are doing it Economic and Financial harm.

Thank you for your attention to this matter!

May 29, 2025, 8:10 PM

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