In proven and unproven reserves, Venezuela is believed to control some 270 billion barrels of oil, the deepest supply in the world. As crude prices lurch toward $100 per barrel, President Hugo Chavez would appear to hold the only weapon he needs to further tighten his grip on domestic political power and extend his foreign-policy influence. But a close look at how his government milks the country's cash cow suggests he has serious cause for concern.
Chavez remains popular at home,...
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