Venezuela launches Petrocaribe, extending regional oil diplomacy's reach [View All]

Man does this guy have energy. A day or so ago it was Telesur and today its Pertrocaribe. I know that Petrosur is coming up too, but not sure when and there are other projects in the works as well.

Viva Chavez!!

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With his communist ally Fidel Castro of Cuba on hand, leftist Venezuelan President Hugo Chavez launched Petrocaribe, a new cut-rate oil diplomacy vehicle that could greatly increase Chavez's regional influence.

Chavez promised highly preferential oil pricing for the 15 Caribbean members, with Venezuela picking up 40 percent of the cost if oil is selling over 50 dollars a barrel, as it is now.

If it should hit 100 dollars a barrel, Chavez said, "we would pay 50 percent for signatory countries, with a grace period extended from one to two years."

He also pledged to foot the bill for shipping oil to Petrocaribe participants directly, and to help set up local storage facilities across the Caribbean.

With sharp rhetoric, Chavez also slammed "an energy crisis the world is having dumped on its head more than for any reason because of the excessive wasting of the developed north; it is irrational consumerism."

Castro, 78, said the United States invaded Iraq to control its oil wealth.

"Now that they control all the oil, what is going to be left for developing countries?" he asked. Developed countries "control almost 100 percent of nuclear fuel. They say that they have the resources, that they will solve the problems. What they are going to produce is an enormous crisis," Castro argued.

http://www.todayonline.com/articles/58901.asp