CHAPTER 6

US-Venezuela Energy Ties Endure Despite Deteriorating Political Relations

1. Hugo Chavez began his speech at the United Nations the day after President Bush's address by saying

"The devil was here yesterday."

"We are not going to sell any more oil to foreign countries."

"We will hold another presidential election next year."

"We are leaving the UN."

2. Besides giving colorful speeches, Chavez has

Supported Iran's nuclear program

Taken sides against Israel

Purchased weapons from Russia

All of the above

3. Venezuela's most important customer for its oil is

Brazil

The European Union

Japan

The United States

4. Chavez has declared that he will

Cut off all oil exports to the United States

Shift oil exports towards China

Increase exports of other products besides oil

Continue relations with the United States as they are

5. A GAO report said that the result of a Venezuelan cutoff of oil exports to the United States would be

Gasoline prices that would ruin the economy of the United States

Almost negligible

A temporary spike until alternative sources could be found

None of the above