Word: oiling
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...cause: the public perception is that his administration has failed to come up with strong enough medicine to counteract the country's increasingly dire economic plight. The world's second-largest economy shrank at an alarming annualized rate of 12.7% last quarter, its worst quarterly contraction since the 1974 oil shock. Exports also fell an unprecedented 13.9%, while the unemployment rate shot up to 4.4% in December, reaching levels not seen since World War II. "There is no doubt that the economy is in its worst state in the postwar period," said Economic and Fiscal Policy Minister Kaoru Yosano...
...year that he'd be willing to meet with Chávez, U.S. President Barack Obama in a recent interview was critical of the Venezuelan and his stridently anti-U.S. stance. Washington will now watch to see if Chávez, who controls the western hemisphere's largest oil reserves, can retain his boisterous influence in the Americas - and survive politically at home - if oil prices don't rebound and the economy continues to slide. "The futures markets seem to think oil prices will rise soon enough that Chávez won't have to dip into his foreign...
...global economic crisis, however, has changed the political and economic landscape. Although inflation continues to be rampant, growth is now uncertain, given the sluggish demand in developed countries. With oil prices hitting unforeseen lows, he can afford neither the vast federal projects in Venezuela nor his bullish foreign policy favoritism...
...system and eventually accessed power democratically in 1998, mainly supported by the urban lower classes. During his decade in power, he has made Venezuela a stronghold of anti-Americanism and political radicalism. A visionary critic of the Washington Consensus, he initially pledged to end Venezuelan inequality. After nationalizing oil contracts in the country and forcing out foreign investors, he has used the money for lavish projects in Venezuela that have bought him unprecedented support...
...particular, he has invested in his ideological allies in the region, including Fidel Castro’s Cuba, Evo Morales’s Bolivia, and Rafael Correa’s Ecuador. But, for all his hatred of the United States, Chávez remains a dutiful producer of oil for American consumption, delivering over a million barrels a day to the evil superpower in the north. As a result, he has become an unfortunate byproduct of U.S. dependency on foreign oil...