-63 Percent

Now and then, one or more members of the "democratic socialist" wing (it's becoming more like the "body") of the Democratic party suggests that more government control of everything from healthcare to prescription drug production is the best path for success. After all, private enterprise is suspect and capitalists are worrisome.

In fact, in unguarded moments, some of the wing's most extreme members suggest that the government should nationalize specific companies (e.g., newbie congresswoman Alexandria Ocasio-Cortez suggested that Tesla IP should be nationalized so that all cars can become electric quickly.* That's naive at best and monumentally ignorant of the realities of the auto industry at worst, but whatever.

Spencer Jakab reports:

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.

Gosh ... the socialists' dream of nationalizing a major industry worked well for Venezuela, didn't it? In less than 18 years, oil production in that country is down by 63 percent! Just another small indicator of the wonders of socialism.

FOOTNOTE:
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* As the owner of two EVs myself, I'm a strong proponent of the technology (it's simply better in every respect) but I'm also a strong proponent of allowing the free and independent markets to dictate buying patterns (and that's already happening with EVs). The government might have a peripheral role to play via tax incentives and a reduction in regulatory actions, but it should NOT interfere with the private sector in substantive ways.