Thursday, January 15, 2009

Hugo Chavez Calling for more OPEC Oil Production Cuts

There's no doubt Hugo Chavez is mildly tolerated by the people of Venezuela, as he's taken the money from the oil industry he nationalized and redistributed it to the healthcare and education systems in the country.

Now that oil prices have plummeted, and Chavez is attempting to change the terms of being in office, he's pushing hard for oil production cuts from OPEC in order to push up the price of oil, whose demand has fallen along with the global recession. About half of Venezuelan government spending comes from oil proceeds.

Another step by Chavez which is destined to fail, is he's now reaching out to foreign investors again in order to shore up his domestic industry. But since Chavez stole the industry from major oil companies, there is no trust that once deals are made the contracts will be honored. They'd only be honored as long as the country's needs and his personal agenda was met. Once that was accomplished, we know he would once again break his word and take things back under his control.

Once a socialist always a socialist. Anyone that doesn't see that deserves to learn the hard way.


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