Oil Politics in Venezuela

   Chavez is at it again, creatingdeadlines for and making accusations against the large oil companies from the United States and Europe and ultimately just complicating things for himself.  The United States imports roughly 60% of our oil, and over 10% of that comes from Venezuela.  On the other hand, we have been importing over half of the oil produced by Venezuela.   Therefore, shaky politics and the worsening ties between the two countries is only going to hurt other countries if something drastic occurs.  While Chavez claims to be diversifying his relations for other people to buy his oil, the main country to fill the American thirst for oil would be China, who is not ready to take that position for a few more years.  As of now, it could appear that Chavez may have the upper hand in the situation, but until he can create more stability in Venezuela, it doesn’t appear like he is ready to take over all oil production in the country (if that were to be his goal), and squander such a vast natural resource like many of the other oil countries.

http://www.nytimes.com/2007/04/10/business/worldbusiness/10showdown.html?pagewanted=1&_r=1&hp