Oil firm finances Chavez’s social and political ventures

Venezuela’s national oil company is buckling under the burden of financing President Hugo Chavez’s more than $9 billion a year in social and political ventures.

Production at Petroleos de Venezuela is declining, and any major drop in oil prices or failure to reverse declining investment and production could lead to bankruptcy of the goose that lays the golden egg for Venezuela, Moody’s Investors Service warned yesterday.
World Peace Herald