October 14, 2008 3:25PM

Lots of Red Ink Looms for Chávez’s Venezuela

A study prepared by the Deutsche Bank estimates that Venezuela needs the price of oil to stay above $97 per barrel in order to pay for government expenditures. Yesterday, the barrel of West Texas Intermediate Crude Oil at Nymex closed at $81.19.

If the troubled global economy keeps pushing the price of oil downwards, Hugo Chávez’s Bolivarian revolution will be in serious trouble.