From The Christian Science Monitor:
Amid a bid for reelection, Venezuelan President Hugo Chávez's oil subsidy and antipoverty programs may be on the chopping block.
Caracas, Venezuela - High oil prices allowed Venezuelan President Hugo Chávez to spend freely to spread his Socialist gospel and challenge the US role as the dominant player in Latin America 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 US. Oil accounts for 93 percent of the government's export income and some 50 percent of its overall income.
"Hemispheric politics are suddenly becoming too expensive for Chávez," said Carlos Alberto Lopez, an energy consultant in Bolivia. "He will have to allocate his dwindling resources to sustaining his political position in Venezuela."
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More News On Venezuela
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