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Venezuela's oil revolution is stalling
Falling oil prices are playing havoc with the ambitions of the world's petro-nationalist countries. Venezuela has some backtracking to do. Derek Brower reports
VENEZUELANS awoke last month to the news just over half of them wanted: their president, Hugo Chávez, the victor of a referendum to change the constitution, can now run again for election after 2012, when his term was due to end. It gives him the chance to continue the country's transition to a socialist republic. But notwithstanding his success in the polling booth, Chávez finds himself under growing pressure, as low oil prices weaken his grip on the economy and his influence abroad. Not long ago, he was gloating at the demise of the US "empire" and urging the oil producers of the world to unite and dispatch the dollar once and for all. But with global oil demand now falling faster than a hurricane-battered rig, Venezuela and its president's Bolivarian revolution are in trouble. The global financial crisis and the bursting of last ...Click here to continue reading Venezuela's oil revolution is stalling
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