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Lower Oil Prices Hurt Venezuela's Budget
Tuesday, October 21, 2008 : Venezuela's President Hugo Chavez depends on oil for half the government's revenue, and almost all of its export earnings. As oil prices rose to historic highs, Venezuela's spending increased accordingly. A continued drop in oil revenue, could put a major pinch on Chavez' ambitious social programs.
Tuesday, October 21, 2008 : Venezuela's President Hugo Chavez depends on oil for half the government's revenue, and almost all of its export earnings. As oil prices rose to historic highs, Venezuela's spending increased accordingly. A continued drop in oil revenue, could put a major pinch on Chavez' ambitious social programs.
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