The fall in oil prices is temporary, Chavez says

Friday, October 9, 2009


The fall in oil prices is temporary and will rebound because of high demand, Venezuelan President Hugo Chavez said.

Chavez cited a report from the International Energy Agency released this week saying oil-import prices will average $100 a barrel between 2008 and 2015 and that the threat of a ``supply crunch'' remains.

``These are circumstances we are living,'' Chavez said in comments broadcast on state television last night. ``The world will increasingly need more energy.''

What does Chavez know about the future price of Oil? Zipps.

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