Support The Moscow Times!

Chavez Says Attack Could Send Oil to $500

CARACAS, Venezuela -- Venezuelan President Hugo Chavez said last week that crude oil would rise to "$400 or $500" per barrel in the event of a U.S. attack on his country, the biggest petroleum exporter in the Americas.

The reactivation of the U.S. Fourth Fleet in the Caribbean on July 1, as well as what he said is a possible U.S. base on the Guajira Peninsula, which is shared by Venezuela and Colombia, are both considered to be threats, Chavez said in a speech broadcast last night from the military academy.

Chavez, who has long criticized the U.S. role in Latin America and warned that oil could rise to $200 a barrel in the case of an attack on Venezuela or Iran, said that given recent price increases in the crude market, his previous estimate was too low.

"Now, we're at $120 and it's continuing up," he said. "If there's a war against Venezuela, with the oil in this soil, it won't depart from the Venezuelans, it won't go to anyone."

The country is buying light, fast tanks and training citizens to defend the country against possible threats, he said.

In July, Chavez plans to meet with President Dmitry Medvedev in Moscow to discuss more arms purchases, which may include long- and short-range anti-aircraft defense systems.

Sign up for our free weekly newsletter

Our weekly newsletter contains a hand-picked selection of news, features, analysis and more from The Moscow Times. You will receive it in your mailbox every Friday. Never miss the latest news from Russia. Preview
Subscribers agree to the Privacy Policy

A Message from The Moscow Times:

Dear readers,

We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."

These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.

We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.

By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more