1:20AM
Now the bill comes due for Chavez
Tuesday, January 27, 2009 at 1:20AM THE AMERICAS: "Venezuela: Socialism with cheap oil; Huge Chavez embarks on a race against the impending impact of world recession," The Economist, 3 January 2009.
The most telling bits:
When Chavez took over, oil was only 64% of the nation's export revenues. Now it's 92%.
The current budget assumes PDVSA will produce 3.4 mbd, but independent sources (as well as OPEC) say the state oil company really cranks about 2.4 million barrels a day.
Impressive to watch that half-wit run his country down. Over the long haul, he's good for the neighborhood--as in, a good warning.
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