VIO News Blog

August 12, 2008

Enough Oil to Go Around

Filed under: Daily News Roundup — VenWorld @ 10:38 am
Tags: , , , , , , , ,

Last week marked one year since the Venezuelan government’s purchase of a majority stake in Orinoco Oil Belt projects. El Universal reports that PDVSA, Venezuela’s state oil company, announced new investments in the lucrative region that will double oil production within the next five years and certify nearly 100 billion barrels of oil reserves. Orinoco Belt oil production rose by 174,000 barrels per day in the last year.

Also in economic news, the BBC reports that Venezuelans faced with financial woes often contemplate emigrating abroad. Young professionals in particular face this dilemma. However, others remain positive about the state of the economy, and point to the successes of free education and health care. The director of a health clinic said, “Until not long ago all that oil money was used to benefit the elite… What we want is to have a society where everyone improves.”

In regional news, Bolivian President Evo Morales is promising dialogue with the political opposition after winning a recall referendum last Sunday. The AP reports that Morales said he represents “the entire Bolivian family.” Leaders in the region have congratulated Morales on his victory, including President Chavez, who emphasized the importance of Indigenous leadership. Meanwhile, the Wall Street Journal considers global politics and wrongly refers to Venezuela as an “anti-American antagonist” and a threat to stability. Venezuela’s foreign policy has challenged US political hegemony, but has also included economic assistance to the American people and a willingness for dialogue.

Finally, Venezuela’s first ever women’s Olympic team saw a defeat at the hands of the US yesterday in softball. The Los Angeles Times reports. The catcher for the Venezuelan team is featured by Reuters, which reports that the 41-year old Zuleyma Cirimele has waited two decades to compete the Olympics.

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