By Chris | December 3, 2007
Voters rejected the proposed amendments to the constitution 51 to 49 percent. The new constitution would have eliminated term limits, making it possible for Chavez to rule indefinitely. The United States is still the single largest buyer of Venezuala’s oil. However, much of the oil is consumed internally.
Petróleos de Venezuela, the state oil company, says it produces 3.3 million barrels a day, but OPEC places its output at just 2.4 million barrels. And private economists estimate that a third of oil production goes to meet domestic consumption, which is surging because of a subsidy that keeps gasoline prices at about seven cents a gallon.
I’m guessing that if President Bush subsidized gasoline down to 7 cents per gallon, his approval rating would be pretty high as well. If the country wasn’t so politically unstable, I’d be tempted to visit just to go on some long drives.