Venezuela chaos risks long-term shock to world oil market

Although world attention is focused primarily on the potential war in Iraq, the current political conflict in Venezuela is just as likely to have a long-term negative impact on world oil markets, especially if Venezuelan President Hugo Chávez wins, said an expert on South American political and economic issues.A general strike, in its ninth week at presstime last week, aimed at ousting Chávez from office, undermines the popular image of "Latin America, which we had counted on as a cornerstone for (reliable) oil supplies. It's not as strong as some had thought," said Michelle Michot Foss, executive director of the Institute for Energy, Law & Enterprise at the University of Ho...

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