Thousands of Venezuelans march in support of Chavez

[ErikJ]

2. Venezuela Oil Production Growth: Chavez Presidency May Have Squandered Oil Riches

Interesting article from HuffPost summarizing Chavez' 14 year record.

Venezuela Oil Production Growth: Chavez Presidency May Have Squandered Oil Riches By IAN JAMES 09/23/12

CARACAS, Venezuela -- On the streets of Caracas, vast slums blanket the hillsides while squatters hang laundry in the windows of abandoned buildings. Trash-strewn alleys are riddled with potholes and lined with broken streetlamps. The city's main waterway, the polluted Guaire River, is known more for sewage than swimming.

While oil has ushered in spectacular construction projects for glittering Middle Eastern cities, including the world's tallest building in Dubai and plans for branches of the Louvre and Guggenheim museums in Abu Dhabi, it's brought relatively meager changes to Venezuela, which holds the world's largest proven oil reserves.

Nearly 14 years after President Hugo Chavez took office, and despite the biggest oil bonanza in Venezuela's history, there's little outward sign of the nearly one trillion petrodollars that have flowed into the country.

Venezuela has undoubtedly changed during Chavez's tenure. The populist president has used the oil wealth to buttress his support through cash handouts, state-run grocery stores and a gamut of other social programs. With more money in the economy, incomes are higher and the number of people living in poverty has fallen.

Unemployment has dropped from more than 13 percent in 1999 to about 8 percent. The country has also achieved rapid improvement on the U.N. Human Development Index, which measures a range of indicators from living standards to life expectancy.
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http://www.huffingtonpost.com/2012/09/23/venezuela-oil-production_n_1907170.html