11/15/07 "ICH" -- -- You'd think George Bush would get
down on his knees and kiss Hugo Chavez's behind. Not only has
Chavez delivered cheap oil to the Bronx and other poor
communities in the United States. And not only did he offer to
bring aid to the victims of Katrina. In my interview with the
president of Venezuela on March 28, he made Bush the following
astonishing offer: Chavez would drop the price of oil to $50 a
barrel, "not too high, a fair price," he said — a third less
than the $75 a barrel for oil recently posted on the spot
market. That would bring down the price at the pump by about a
buck, from $3 to $2 a gallon.
But our President has basically told Chavez to take his cheaper
oil and stick it up his pipeline. Before I explain why Bush has
done so, let me explain why Chavez has the power to pull it off
— and the method in the seeming madness of his
"take-my-oil-please!" deal.
Venezuela, Chavez told me, has more oil than Saudi Arabia. A
nutty boast? Not by a long shot. In fact, his surprising claim
comes from a most surprising source: the U.S. Department of
Energy. In an internal report, the DOE estimates that Venezuela
has five times the Saudis' reserves.
Part 1
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