The chart above shows the collapse of oil production in socialist Venezuela, the country with the world’s largest oil reserves, that is accompanying the overall economic collapse there. A decade ago, the Bakken oil fields in western North Dakota were producing an insignificant amount of crude oil — only 132,000 barrels per day, while at the same time Venezuela was producing 2.5 million barrels per day, or about half of America’s 5 million barrels per day.
Via AEI