Posts Tagged ‘Coup Against Hugo Chavez’

Why Hugo Chavez was anti-U.S. (and vice versa)

March 13, 2013

Above is a report by American investigative reporter Greg Palast was broadcast by the British Broadcasting Corp. on May 13, 2002 about the short-lived attempted military coup against Chavez in 2002.  Below is a report by Palast for the BBC on April 3, 2006, which explains why the oil wealth of Venezuela is important to the United States.

The most important fact about Venezuela, so far as the United States is concerned, is not that it is a major supplier of oil to this country.   It is that Venezuela potentially has the world’s largest known reserves of oil, much more than Saudi Arabia.  Most of Venezuela’s oil is a thick gunk called heavy crude oil, which is too expensive to refine as long as oil prices are low.  Greg Palast said in his 2006 broadcast that heavy crude would be economically viable if world oil prices were $50 a barrel.   He now reports Venezuela’s export price is $100 a barrel.   What do we want—Venezuela’s heavy crude or Canada’s tar sands oil?