According to studies, Venezuela has overtaken Saudi Arabia to become number one in the world for proven oil reserves, largely thanks to the heavy crude found in this vast alluvial plain.
Whether this multi-trillion dollar asset is controlled by Hugo Chávez or the opposition challenger, Henrique Capriles, will influence which countries and companies are given the priority to exploit them and how much drivers around the world pay at the pump. According to a report this year by BP, Venezuela has reserves of 296.5bn barrels, about 10% more than Saudi Arabia and 18% of the global total. At the country's current levels of production, this would last about 100 years.
If Chávez wins – as most polls suggest – he has promised to ramp up production and reduce his country's dependence on the US market by doubling crude exports to Asia. To further this goal, Venezuela plans to build a pipeline through Colombia to the Pacific which would reduce costs and transport times to China and other Asian markets.
Capriles, who has mounted a strong challenge, says he would fire the oil minister, Rafael Ramírez, and rethink how crude is extracted and used. Until now Russian and Chinese companies have struck the biggest deals for future exploitation................"
Two days ahead of voting, [Ivana] Villamizar echoed a widespread feeling that the race is so close that the election will be decided by a large pool of voters, perhaps 10 percent, making up their mind in the voting booth.
Opinion polls have varied widely and are largely considered unreliable, so intuition is getting a workout.
"There are so many Chavistas, so many people who live in this barrio ... who are public employees and have been obliged to attend government rallies," she said. "But when it comes to the moment of truth are not going to vote for Chavez," she added.
"And there are others who will do the opposite."
Villamizar said she had no idea what would happen Sunday......." - Source