Sunday, August 12, 2007

Runnin With The Big Dogs

Venezuala gives oil warning to U.S

Big News Sunday 12th August, 2007

Venezuelan President Hugo Chavez has predicted world oil prices will go to US$100 per barrel, as the crisis in energy, caused by voracious consumption, kicks in.

In a television address, he told the audience to not only prepare themselves for the oil price rise but also for more attacks from the U.S government.

Chavez has accused the United States of plotting a bungled coup that ousted him for two days in 2002, although Washington denies the accusations.

He has repeatedly made threats to cut off oil sales to the United States, which would mean a drop to U.S reserves of between twelve and fifteen percent.

Much of the president’s speech was friendly and directed toward Caribbean leaders, who had arrived for a meeting of the Petrocaribe accord.

Venezuela launched the accord in 2005 to provide oil and fuel on advantageous terms to Caribbean countries, some of whom pay their bills in-kind with products like fruit and spices.