Weakening Oil Prices Forcing Chavez To Scale Back Plans

Description:
Construction interests in Venezuela are watching with concern as the country struggles to recast its budget to handle new economic pressures brought on by a precipitous fall in the price of oil in the past year. More than 90% of Venezuela’s export revenue comes from oil. But petroleum prices have plummeted more than 50% in the past nine months, triggering a dramatic budget shortfall in South America’s leading oil-producing country. In a nationally televised announcement on March 21, Venezuela President Hugo Chavez unveiled a package of austerity measures and tax hikes to handle the growing economic pressures.

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