Thursday, October 02, 2008

How to Keep Hugo Chavez in Check

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One of the best editorial pages around is at Investors Business Daily. Today they have this on Venezuela.

Communist dictator Hugo Chavez has been living large these last few years thanks to US oil dollars. He's managed to persuade a good-sized portion of South and Central America to follow his communist ideology through payoffs and support of opposition groups. It seems our only true ally is Colombia led by Pres. Uribe and who knows how long he'll remain one the way the Dems have treated him.

That said, Chavez lifeblood is oil and oil profits. Take away his massive oil profits and he'll be Paraguay with a coastline. Fortunately, we're seeing that start to happen. Oil prices have been declining steadily as markets work to correct themselves as they always have (I paid $3.07 for regular unleaded this morning) and the steady down pressure has affected Chavez' bottom line.

Here's where we can hit him hard. Chavez exports over 60% of his oil to the US as we are among the few nations that can easily refine their oil because of the high sulfur content. Let's cut him off. Venezuelan oil accounts for only 11% of US imported oil, a minimal number that is probably even lower at present. We boost production within our borders and on the continental shelf and watch his socialist paradise crumble into the Caribbean.

We don't have to fight a war by proxy like we did in the 1980's, all we have to do is hit him in the wallet and the violently oppressed (and murdered) insurgency will spring to life. Chavez' rule is a house of cards supported by high oil prices. He lacks the clout to keep prices high and market forces--capitalist forces--will work to steadily reduce the price per barrel.

It's well passed time to deal with this murderous, communist pig and drilling more domestically will be the easiest way to finish him off once and for all.

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