CARACAS, Venezuela:
President Hugo Chavez said Thursday that oil prices will continue
spiraling upward as world reserves decline and consumption in wealthy
countries including the U.S. climbs.
U.S. and European leaders are trying to blame rising oil prices on
insufficient output from crude-producing nations such as Venezuela, but
the real culprit is the United States' thirst for fuel, Chavez said.
Dwindling reserves, a weak U.S. dollar, conflict in Iraq and
Washington's "threats" against Iran, are also driving up prices, Chavez
said Thursday, as oil prices reached a record US$145 (€91) a barrel.
"They want to blame us: the Arabs and Venezuela. We are not to
blame. Withdraw the troops from Iraq and you'll see how oil prices will
drop," Chavez told visiting delegates from countries belonging to the
Non-Aligned Movement. "Stop the threats against Iran and Venezuela,
oil-producing countries, and you'll see prices will tend to decline."
Chavez predicted last month that light, sweet crude prices would
reach $200 a barrel if the U.S. continued to threaten Iran and
consumption stayed strong. Soaring prices have fueled Venezuelan
government spending, and Chavez on Thursday said "$100 a barrel would
be more than sufficient" to keep his country afloat.
Venezuela sent nearly 60 percent of its exports to the U.S. last year and is the United States' fifth-largest oil supplier.