Cynical Synapse

Fri, 31 Oct 2008

Lower Oil Prices Make Arrogant Chavez Antsy

Filed under: Economy, Gas Prices, Hugo Chavez, Oil, Profiteering — cynicalsynapse @ 8:02 am

Personally, I’m lovin’ it, But Venezuela’s President Hugo Chavez must be beside himself. This is the man who, last week, said he wanted to jail his main opponent.

Chavez has also asked OPEC, of which Venezuela is a founding member, to cut production. Seems poor Hugo’s not too happy with the falling demand and lower prices. And no wonder, since oil accounts for as much as 40% of Venezuela’s economy. He thinks he’s convinced the Russians to cut production with OPEC. In fact, the Russians are using Chavez. What started as business now has the added benefit of looking like saber-rattling as Russia’s reactions to US criticisms of actions in Georgia.

With gas prices averaging about $2.30 in my neighborhood, I’m not feeling the least bit sorry for Chavez. And I still won’t buy from Citgo.

Update:

This morning, I paid $2.259 for regular unleaded. This evening, I paid $2.219 and the station around the corner from my house was down to $2.159 for cash (and $2.199 for credit, which bugs the crap out of me, so I tend not to go there). So, poor Hugo must really be feeling the pinch. I feel so bad for him. Not!

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