Sinking Oil Prices Threaten Hugo Chavez's Revolution: Analysts

High oil prices allowed Venezuelan President Hugo Chavez to spend freely to spread his Socialist gospel and challenge the U.S. role as the dominant player in Latin American and the Caribbean.

The sharp drop in oil prices is imperiling those ambitions, analysts said Tuesday, a day after the Venezuelan government announced that it's suspending free heating oil to poor people in the U.S. Oil accounts for 93 percent of the government's export income and about 50 percent of its overall income.

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Comments

[Right-turn]

We better put Sean Penn on a suicide watch.

[thankulord13]

Fact is Chavez had done more for the American poor than Bush ever did! That is said.

[Right-turn]

Bush spent more money on social programs than any president in history. Get a grip on reality.

[MsAttitude]

What? Chavez has been giving free oil to the poor in the U.S.? We are the richest nation in the world, what is our problem???

[LeeCalif]

I agree bo-
I think all countries will feel U.S. waves created by the Bush Depression but Venezuela will be fine.

U.S. poor will suffer from not receiving the very generous 100 gallon give away. How many years did Chavez do that?

But I also see the price of gas creeping back up, now.

[mediamarv]

What sinking oil prices? The press was full of stories (read: fantasies) about why the price of oil is going up.
Maybe this post was written quite awhile ago, when bashing Chavez was newsworthy.

[bosunj]

As much as many in America wish that Chavez is in trouble it simply isn't so. Like the rest of the planet the Venezuelan economy is reeling from the bankruptcy of America. However, that does not mean Chavez is worse off than the Americans.