Divided Venezuela to Decide Fate of Chavez, Oil Prices

There are fears that the country will plunge into chaos and that oil markets will be adversely affected if a majority of Venezuelans demand the resignation of Chavez. Chavez, who is known for having led a failed coup against former President Carlos Andres Perez in 1992, still has two years remaining on his six year term of office.

Venezuelans are deeply divided ahead of the critical referendum. The Energy Minister of the socialist government, Rafael Ramirez, said that oil industry workers would not accept Chavez’s removal from power.

Ramiez. claiming that Chavez is solely responsible for having brought stability to the country of 25 million, hinted that the army and the oil workers would resist a movement against the President.

Public polls indicate that Chavez has a lead heading into the referendum, in which 14 million are expected to cast votes. Meanwhile, Chavez met with the military authorities and said that he would respect the outcome regardless of the result.