Venezuela is reeling from the strike, which began Dec. 2. The state oil company has suffered $2 billion in losses, Energy and Mining Minister Rafael Ramírez said this week, and lost oil revenue has cost the government as much as $700 million. As the strike drags on, analysts said problems would mount in attempting to resume production.
''When wells sit idle, they have sediment problems. They require two to three months to get refurbished. Sometimes you have to re-drill parts of them,'' O'Grady said. ``It's not like turning on a water faucet.'' Perhaps more serious, he said, is that long-term foreign investment in Venezuela's oil fields may diminish even if Chávez resolves the strike.***
"We are ready to wait as long as necessary," said marcher Miguel Angel Urbano, 49. About 300 Chavez supporters rallied at a nearby subway station and cheered when a gasoline truck drove by. The strike has virtually shut down the oil industry and created severe gasoline shortages.***