January 15, 2009

Cheap oil sends Chavez begging

Okay, maybe Venezuelan president Hugo Chavez isn't begging, but the fact he's looking for money from western oil companies (after kicking them all in the teeth when he nationalized the country's oil production) is certainly interesting.

He needs cash to stay in power - and he knows it.

Check out all the details in this article from the New York Times.

Here's a paragraph from the article:

But the shift also shows how the global financial crisis is hampering Mr. Chávez’s ideological agenda and demanding his pragmatic side. At stake are no less than Venezuela’s economic stability and the sustainability of his rule. With oil prices so low, the longstanding problems plaguing Petróleos de Venezuela, the national oil company that helps keep the country afloat, have become much harder to ignore.

No comments:

Post a Comment