Word: vez
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...crude each day for the state-owned oil monopoly, Petróleos de Venezuela, S.A. (PDVSA), while tankers line up on the Caribbean horizon to ship it around the world. Towering burn-off pipes, as loud as jet engines, shoot flames above giant posters of President Hugo Chávez. His fist raised, he roars, "Of course...
...this good or bad for Venezuela and the U.S.? The answer is yes. As oil nears a once unthinkable $100 a bbl., Chávez can afford to delay costly drilling and refining expansions like Paraguaná's and spend that money on socialist programs and other political pursuits. In a bravado performance at a Nov. 18 meeting of the Organization of Petroleum Exporting Countries (OPEC), Chávez and his new best friend, Iranian President Mahmoud Ahmadinejad, mocked the U.S. and blamed the weak dollar, not Venezuelan production capacity, for the high price of oil. "The fall of the dollar...
...experts say Venezuelan production is slipping and Chávez's industry policy for the long term is risky. Venezuela, like Mexico and Iran, needs reinvestment and foreign investment to keep its $100 billion industry in prime condition. But with China's and India's demand for crude inspiring projections for exponential growth and the U.S.'s determination to remain a slave to oil, the oil industry may well have hit a point when the short term is the long term--every barrel not pumped today will be worth more tomorrow. "The Venezuelans are investing as much as they want...
Venezuela B.C.--before Chávez--could usually be relied on to do that, especially when things got dicey in the Middle East. In the 1990s, a more U.S.-friendly PDVSA ambitiously raised output (even defying its OPEC quota) to earn revenue for new drilling projects. But when Chávez and his anti-U.S. agenda took office in February 1999, prices were languishing at about $10 a bbl.--so the former paratroop commander campaigned to revive OPEC, persuading the cartel to rein in production to boost prices. The effort paid off when the 2003 U.S. invasion of Iraq shook...
...retort into a ringtone. More than half a million people have downloaded it, generating more than $2 million in profits. While the tone struck a chord with Spanish cell-phone users, Venezuelans are also getting involved--some students are downloading the ringtone as a form of protest against Chávez...