Chavez Gone: More Oil For Us?

In CNBC's article "With Huge Chavez gone, US oil industry eyes Venezuela", the idea of oil reserves is discussed.  Now if you don't know, Venezuela is a part of OPEC, or the Organization of Petroleum Exporting Countries, and hosts one of the largest oil reserves on the planet.  Recently, Venezuela's commander in chief Hugo Chavez, whom the United States has had tenuous relations with at best, passed away.  That means, oil companies all over the USA are rubbing their hands together in hopes that the new administration will be slightly friendlier towards the USA.  Currently, Chavez's vice president Nicolas Maduro may run things until an election can be held.  "It's too soon to say what Hugo Chavez's death means for oil prices," said IHS vice chair Daniel Yergin.  While Chavez wasn't exactly copacetic with the United States, Chavez actually told his nation to vote for Maduro in the case that he could not rule -- so one would think that he too may harbor many of the same apprehensions as Chavez.  Companies such as ConocoPhillips and ExxonMobil stand to benefit greatly, as they were forced to exit Venezuela when Chavez nationalized the oil reserves.  Unfortunately  for the oil companies, the state of their previous assets in Venezuela have deteriorated.  While not in squalor, electricity must be rationed in many areas.  Venezuela does not produce near as much as it is capable, which is most likely what Chavez intended.  Currently they produce 2.5 million barrels a day, whereas they could be producing as much as six to nine million barrels a day, and much of the refined oil is imported --  "...exports include shipping record supplies of US gasoline to Venezuela... oil exports to the U.S. are on the decline."  Venezuela ships 906,000 barrels of crude oil per day to the US, down from 1.3 million per day, so one can see why this could be an extremely lucrative venture for many in the oil industry.