Editorial / ArticlesEnergy TribuneJune 2008Editorial:Sometimes the headlines out of Venezuela can only be met with a smile. For instance, in early May the government of Hugo Chávez announced that it had added 30 billion barrels of crude – the equivalent of all known U.S. oil reserves – to its proved reserves. China’s National Petroleum Cor-poration and Iran’s Petropars certified the new reserves, located in the Orinoco Belt. But here’s the part that requires a sense of humor: Venezu-ela’s energy and oil minister, Rafael Ramirez, refused to disclose how the country was defining those reserves.There’s no doubt that Venezuela has enormous oil reserves. Whether it’s 80 billion barrels or twice that number is almost irrelevant, due to the fact that crude oil output continues to decline and the country’s oil handling infrastructure is not being properly maintained. Other news coming out of Venezuela is not amusing at all.
...Other articles:• The Powder Keg that is Venezuela, by Michael J. Economides• Dictator, Poor People, by Cristal Montañéz• MontañézThe Chávez Regime: Ending with a Whimper, by Gustavo Coronel• Totalitarianism in Socialist Drag, by Kyle D. Guerrero • Oil in Venezuela: Then and Now, by Luis GiustiDownload (pdf - 1.7 Mb)