[LAHT] President Nicolas Maduro said on Monday that the Venezuela's petroleum export price dropped to $48 a barrel and accused the U.S. for flooding the market with oil with the aim of destroying both his country and Russia."Did you know there's an oil war? And the war has an objective: to destroy Russia," said the president in a speech to state businessman in Caracas.
"It's a strategically planned war ... also aimed at Venezuela, to try and destroy our revolution and cause an economic collapse," he added, accusing the United States of trying to flood the market with shale oil produced by fracking, a technique designed to recover gas and oil from shale rock.
According to Maduro, U.S. President Barack Obama
Pot had helped, and booze; maybe a little blow when you could afford it. Not smack, though....
himself recently admitted "that everything has been done to break President Putin and destroy the Russian Federation."
He declared that despite the "global economic war" against Venezuela, the falling oil prices were "a huge opportunity" to make 2015 the year of "the great change of consciousness in the Venezuelan economic model."
Oil prices in Venezuela began falling in September going from $95 per barrel to the current $48.
The world's fifth largest crude oil exporter, Venezuela produces close to 2.5 million barrels daily, selling that not used domestically mainly to the U.S. and China.
Oil accounts for more than 90 percent of the country's foreign exchange revenues and half of the revenues of the national budget.