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Hugo: Hemispheric Hindrance

What do Iran and Hamas have in common aside from violent Islamist ideologies? The answer is closer to home than most Americans may want to think. Security Watchtower connects the dots that lead to South American dictator Hugo Chavez of Venezuela in an excellent post in which C.S. Scott bulletpoints the last six years of Hugo Chavez' troublesome activities, including nuclear ambitions.

Meanwhile, Publius Pundit asks, is there really a Venezuela oil shortage?

Venezuela’s oil production has gone to hell and it’s not getting better. In 1998, Venezuela was the Number One exporter of imported oil to the U.S. Today, it ranks Number Six, and only sells the U.S. 10% of its oil - see the Energy Department site for proof, it’s not 15% as the news media lazily describes. Last year it was 15%, this year it’s since slid 10%.

Venezuelan dictator Hugo Chavez has driven his country’s oil company straight into the ground. Windfall profits on high oil prices that should have gone into reinvestment in order to ensure maximum production and maximum profits is instead being squandered on welfare handouts for immediate consumption.

Chavez has turned a hobby of instigation into a profession built around aligning himself with enemies and strategic competitors of the United States...and quite possibly has destroyed Venezuela's oil industry along the way.

2 Comments

Chavez might turn out to be a self-correcting problem. If he continues to ruin Venezuela's oil industry, he will destroy the cash cow that has been funding his Bolivarian Revolution.

Economics 101, Hugo.

Self-correcting. If he keeps up under-investment long enough, he will cease to be a real problem. :^)