One of the odder inconsistencies in the global energy market is the fact that many energy rich nations are plagued by indigenous shortages.
Among them is Venezuela, which has the largest conventional oil reserves and the second-largest natural gas reserves in the Western Hemisphere and is the United States’ fourth largest oil importer, accounting for roughly 1.5 million barrels a day.
But in domestic energy policies President Hugo Chavez, leader of his self-proclaimed “Bolivarian revolution,” has stumbled badly in addressing…