Chavez's Nightmare

IBD Editorials ^ | October 1, 2008

[Kaslin]

Energy: Venezuela's Hugo Chavez revealed his worst fear on Tuesday by calling lower oil prices "a hundred hurricanes." With the ban on U.S. offshore drilling now lifted, it's time to make his nightmare come true.

---

Why do we say this? Because Chavez is using his abundant oil earnings for three purposes: to buy regional influence, to buy arms and now to introduce Russian nuclear proliferation to our hemisphere. All are serious threats that the next U.S. president will face if global oil prices remain high. Only lower oil prices will stop him.

That's because oil prices, not ideas, fuel his capacity to act. The self-described communist has stolen and wasted a lot of the $800 billion in oil revenue that has flowed to Venezuela over the last decade, mainly from U.S. buyers. But he's managed to use much of it like a captured weapon to undercut what he calls the "empire."

Chavez is also well on the way to making the hemisphere his playground. He has used oil cash to buy off leaders in Argentina; bankroll vassal states in Ecuador, Nicaragua and Bolivia; win new friends in Paraguay; meddle in elections in Peru, El Salvador and Mexico; and finance terrorists in Colombia.

Now he's extended his influence in unexpected new places such as Costa Rica, Honduras, St. Vincent, the Grenadines and Dominica, all of which have made disturbing diplomatic moves in his direction. Fewer and fewer U.S. allies will be left standing against this Chavista tide of corrupt oil largesse.

[Islander7]

Oh, come on! Obama will have tea and crumpets with Hugo and all will be well.

Now don’t you feel better?

[SaxxonWoods]

It’s amazing how many journalists have not been paying attention. The ban isn’t needed anymore, legislation has been passed that makes it meaningless:

The Democrats already took care of this while people weren’t watching. They recently outlawed drilling within 50 miles of the coasts, which is where about 80% of the known oil reserves are located. The areas left open are very deep and expensive to drill. This was done quietly while everyone was worried about the credit crunch. Letting the ban expire is meaningless.

http://www.cbsnews.com/stories/2008/09/17/national/main4454118.shtml

[Tuscaloosa Goldfinch]

Very Angry Bump.

Are the democrats trying to destroy the country????

Silly me, of course they are.

[denydenydeny]

Gaining more respect for Pat Robertson every. Single. Day.

[FormerACLUmember]

Will some scientist PLEASE hurry up and perfect a genetically engineered oil making cheap algae?

Time to eliminate these oil tyrant psycho-thugs.

[Ron in Acreage]

Chavez will be Obamas 1st sleepover guest in the Lincoln bedroom when he’s in the WH.

[doc11355]

The Democrats already took care of this while people weren’t watching. They recently outlawed drilling within 50 miles of the coasts

I wasn't aware that this House bill ever made it through the Senate or a Bush veto. Please elaborate on how it's become the law.

[tamster]

Just had an image of Chavez jumping on the bed in the Lincoln bedroom. Ugh.

[uncbob]

They recently outlawed drilling within 50 miles of the coasts, which is where about 80% of the known oil reserves are located.

Well McCain better get on this during the economic debate or even Sarah

[MissouriConservative]

It's not law at this time. Below is from your link.

"The measure passed in a largely party-line vote of 236-189. It now goes to the Senate, where energy will be the topic later in the week. Thirteen Democrats bucked their leadership and voted against the measure."

It's gotta pass the Senate first, then survive a veto.

[Billthedrill]

Huey wanted $400-a-barrel oil to pay for his toys. The Saudis looked at him like he was from another planet. Strangely, the price now is hovering just at the threshold where shale oil becomes economical to extract. Funny how that works out. And Huey? Better find a second job.

[singfreedom]

Your link says it passed the House, but it does not say it ever passed the Senate. I don't think it was ever brought up in the Senate because Reid couldn't get enough votes to pass it. It caused quite a sh@t storm and many Dems were too scared to vote for it. Many states were also upset because they wouldn't be getting ANY of the proceeds.

[singfreedom]

They really are trying to make a bio-diesel from algae. It is VERY promising. It requires a very naturally “oily” form of algae. It sounds like a good idea, but it is not commercially available yet.

There are some truly GREAT new alternatives out there, but for right now oil is the only commercially viable fuel available. Republicans realize this, Democrats are still hiding in their dark closet.

[thackney]

This was two weeks ago and never passed the Senate. It was an attempt by the Democrats to get at least a partial ban. It failed.

[Kitten Festival]

I’m just thrilled /s with all the ‘apologies’ to Hugo we are going to be hearing from a President Obama.