Oil at $100 a Barrel `Fair,' Venezuela's Chavez Says (Update1) By Steven Bodzin Nov. 13 (Bloomberg) -- Oil prices of $80 to $100 a barrel are ``fair'' and Venezuela will seek to keep prices in that range, Venezuelan President Hugo Chavez said. ``We seek stabilization at $100 a barrel for several years,'' Chavez said at a press conference today in Caracas. He said prices over the past 30 years were ``very low'' and that $100 oil today was, after inflation, similar to the $30 oil experienced in 1973 and 1974. Chavez has increased the price he calls ``fair'' as oil climbed. In June, Chavez said the floor should be $60 a barrel; a year earlier he said $50 and, in 2005, $40. In 2002, he said prices of $22 to $28 a barrel were ``right.'' In December 2000, Chavez said, ``We don't want oil to increase to $40 or $50.'' Crude oil for December delivery fell $4.06, or 4.3 percent, to $90.56 a barrel at 1:48 p.m. on the New York Mercantile Exchange. Prices are heading for the biggest drop since Aug. 6. The contract touched $90.20, the lowest since Oct. 31. Futures climbed to $98.62 on Nov. 7, the highest price since trading began in 1983. Oil is up 55 percent from a year ago. Today's prices are not destabilizing to the world economy, Chavez said today. Chavez said the price increase is partly a result of ``irrational'' growth in energy demand in wealthy nations and that higher prices provide a chance to ``reflect'' on excessive consumption, particularly the use of vehicles with just one passenger. OPEC Summit He said he was preparing to go a summit with heads of state from the Organization of Petroleum Exporting Countries in Riyadh. Several leaders of the oil cartel have said they don't plan to discuss increased oil output at this meeting. Chavez said he would use the summit to push for increased giving to poor countries. ``We're going to propose formulas of protection for the poorest nations of the world,'' he said. ``We could, if the prices consolidate at about $100, open an international humanitarian fund in seven years and direct $100 billion a year to the struggle against misery in Africa, Asia and Latin America and the Caribbean.'' To contact the reporter on this story: Steven Bodzin in Caracas at sbodzin@bloomberg.net . Last Updated: November 13, 2007 14:14 EST
He'll lose his grip on Venezuela if and when crude goes lower and lower and lower. Same with Putin and Amma-Dinna-Jodd.
actually he is a very smart man. he, like the usa is not afraid of calling someone's bluff or cards. He has with his contacts made sure the Usa does not do to Venezula what the Usa did to Cuba. You must remember he was able to coordinate and win an election while in prison. The people? seem to love and fear him. I don't see much difference in what he does versus the intervention and manipulation done / allowed in the Usa market daily. Chavez is just more up front. w
http://www.bloomberg.com/apps/news?pid=20601087&sid=aOswKlZrjNNQ&refer=home Dec. 3 (Bloomberg) -- Venezuelan President Hugo Chavez suffered his first electoral loss in nine years as voters turned down his plan to revamp the constitution and cement his power. The loss signals waning support for Chavez's drive to bring socialism to the region's fourth-biggest economy by concentrating power in his hands and ramping up state control of private lives. Voters refused to abolish presidential term limits or allow government censorship during declared emergencies.
when the students get involved there is a good chance its ova....and this is a good example of the power of youth...peace
He doesn't know what he's doing. He keeps messing around with things and he's going to break the system and Venezuela will be in deep shit. Venezuela and Cuba are not even equal comparisions. Because he's trying to be like Castro is why they are screwed. Venezuela is destined to be a 3rd world country with that idiot in charge.