Venezuela

October 22, 2008

Falling oil prices dent Hugo Chávez's clout in Venezuela

Sixteen months ago, Venezuelan President Hugo Chávez visited Nicaragua to lay the ceremonial cornerstone to a new $3.9 billion oil refinery to help "liberate" Nicaragua from poverty. Today, the cornerstone, outside the city of León, sits among weeds. And with the price of oil 55 percent less than its peak in July, many Nicaraguans are starting to wonder if it will ever amount to more than a mere brick

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