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The empty Chavez blather

02/18/2008
Threats by Venezuelan President Hugo Chavez to stop oil sales to the US amount to empty blather. How clarifying it would be, however, if he tried to act on them!The Venezuelan economy and government depend on oil revenue. Chavez needs Petroleos de Venezuela SA to produce and sell as much oil as it can at prices as high as possible. He adds to the pressure by wooing Venezuela’s neighbors with cut-rate oil deals, placating Venezuelans with oil and food subsidies, and channeling PDVSA’s revenue into social programs instead of investments it should be making.The US is Venezuela’s biggest oil customer, absorbing in 2006 about 1.4 million b/d of its crude and product exports o...
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