Venezuela’s Real Enemy

Taking a page from the Nigerian playbook, the menacing voices of al Qaida barked again last week. Once again they reiterated their threat to drain the West of the oil it needs to survive. In a statement posted on an al Qaida website, the group urged its fellow Muslim militants to attack oil facilities all over the world, including those in Canada, Mexico, and Venezuela.

And despite the apparent coziness with its newfound friends in Iran, Venezuela was quick to act.

In response to the threats, Venezuelan General Raul Baduel told reporters that security and intelligence agencies would “take actions and implement previously established security plans, but reinforce them with the goal of guaranteeing security.”

Calling for calm, the general also said that President Hugo Chavez would provide further instructions about how to deal with the threat.

But given the current direction of the Chavez government, al Qaida is the least of its worries in regard to its oil production.

That’s because, even in the absence of an attack, Venezuela’s oil production is declining at an alarming pace.

Energy and Capital