• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 9 hours EU has already lost the Trump vs. EU Trade War
  • 1 day Science: Only correct if it fits the popular narrative
  • 21 hours Crazy Stories From Round The World
  • 1 day Iran Burning: Shock Gas Price Hike Triggers Violent Protests After Subsidy Cuts
  • 22 hours Everything You Need To Know About Trump
  • 10 hours IEA predicts oil demand will grow annually at 1 million barrels a day for the next 5 years
  • 2 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 1 day Atty General Barr likely subpeona so called whistleblower and "leaker" Eric Ciaramella
  • 4 hours Water, Trump, and Israel’s National Security
  • 20 hours Impeachment Nonsense
  • 12 hours ‘If it saves a life’: Power cut to 1.5 million Californians
  • 2 days What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 2 days Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
John Daly

John Daly

Dr. John C.K. Daly is the chief analyst for Oilprice.com, Dr. Daly received his Ph.D. in 1986 from the School of Slavonic and East European…

More Info

The Hemispheric Implications of Hugo Chavez's Illness

The recent dramatic pronouncement that Venezuelan President Hugo Chavez underwent cancer treatment in Cuba reverberated far beyond Venezuela, depressing his allies and elating his enemies.

While the leader of his self-proclaimed "Bolivarian revolution" is second only to his good buddy Fidel Castro in Washington's black book, the fact remains that Chavez has discreetly deployed Venezuela's vast oil and cash reserves to assist the struggling economies of a number of his Central American neighbors, which has earned him deep gratitude.

Ever the showman on alert for any opportunity to tweak Uncle Sam's snout, in March 2006 in the aftermath of Hurricane Katrina, which damaged the U.S. Gulf oil infrastructure sending domestic prices soaring, he offered shivering New England residents discounted heating oil, infuriating the Bush administration.

Venezuela has the largest conventional oil reserves and the second-largest natural gas reserves in the Western Hemisphere.

But the reality is that Venezuela remains the United States' fourth largest oil importer, accounting for roughly 1.5 million barrels a day. Should Chavez ever in a fit of pique turn off the taps, the only option that the U.S. would have to replace lost imports would be to turn to Saudi Arabia, the sole OPEC member, and ask them to ramp up production, as Saudi Arabia is the only OPEC member with the reserve capacity to do so.

This in turn would create political problems for Riyadh with other…




Oilprice - The No. 1 Source for Oil & Energy News