Posted on 11/28/2002 2:33:37 AM PST by Cincinatus' Wife
The public's attention is naturally focused on Iraq and the possibility that a war with Saddam Hussein, in addition to being bloody, could spike oil prices to the detriment of America's economy. But serious dangers to our economy are stirring in our own hemisphere. Events in Venezuela could prove just as disastrous to oil prices and our economic stability.
The United States gets more of its imported oil from Venezuela than it does from Iraq and the South American country has always proven to be a reliable source of oil for America.
That could change. President Hugo Chavez, a leftist who calls Fidel Castro a personal friend, has lost much of his initial popular backing and is facing the prospect of a major strike next month, if not another coup like the one in April that temporarily deposed the former military officer.
Venezuela is in chaos. Thousands have marched in demonstrations on both sides. Chavez has taken control of the civilian police department in Caracas. There have been bombings and shootings.
Powerful opposition forces that include unions, business leaders and various political parties are calling for Chavez to step down. They want a new election and a different president.
Chavez is no pushover. He has repeatedly refused to leave office peacefully and instead appears to be gathering more forces and levers of power to defend and protect his presidency.
Civil war is a clear possibility with Venezuela so deeply divided.
Should the called-for strike on Dec. 2 become prolonged or Venezuela erupt into civil war, oil exports to the United States will be imperiled, if not disrupted.
A shut off of Venezuelan oil coinciding with war on Iraq could send the price of oil out of sight, throwing a monkey wrench in America's long-sought economic recovery.
Four Russian Companies Plan Arctic Port To Speed Oil To U.S.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.