Chavez says US crisis could bring down oil

MANAUS, Brazil (AP) -- Venezuelan President Hugo Chavez is calling the U.S. financial crisis a failure of free-market capitalism. Chavez also says that "the Washington consensus has collapsed" and that economies worldwide could be harmed if it causes drops in the prices of natural resources including oil and other minerals.

Chavez likens the effect internationally to "a hundred hurricanes." But he says Venezuela's economy remains on good footing despite its dependence on U.S. oil sales.

Chavez spoke to reporters Tuesday on arrival in Brazil for a summit with the presidents of Brazil, Bolivia and Ecuador.

(Copyright 2008 by The Associated Press. All Rights Reserved.)

You must be logged in to post comments.

Password (case sensitive):
Remember Me:


6450 Papermill Drive Knoxville, TN 37919 Phone - (865) 450-8888; Fax - (865) 450-8869
Copyright © 2015 WVLT-TV Inc. - Designed by Gray Digital Media - Powered by Clickability 29939024 -
Gray Television, Inc.