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Civil Strife in Venezuela May Lead to Higher Oil Prices in United States.

The Record (Bergen County, NJ)

| December 21, 2002 | (Hide copyright information)Copyright

Byline: Kathleen Lynn

Dec. 21--Strikes and demonstrations in opposition to Venezuelan President Hugo Chavez threaten to strangle that nation's oil industry, and may lead to higher oil prices in the United States, said David Steele, a former oil executive and dean of Fairleigh Dickinson University's Silberman College of Business.

"There are constant demonstrations in the streets," said Steele, who was born in Venezuela and worked there from 1996 to 1999 as president of Chevron's Latin American division. "I believe there's going to be a change in regime." The general strike, which began Dec. 2, has slashed Venezuela's oil output to less than 10 percent of …

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