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What's Next for Venezuela?

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    University of Houston professor Michael Economides on the future of Venezuela and oil production.

  • Duration 3:37
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So thousands gather -- -- as well following the death of President Hugo Chavez so what is next for the country.

Well the impact be on -- oil supply joining me now is Michael economy -- a professor at the University of Houston.

Thank you so much for joining us I -- -- near media reaction what do you think happens from here.

I mean I'm chart that categories in -- is that it -- -- what do you keep the digital television book about somebody's -- But -- -- what I've been doing it all morning.

I mean.

Or if it breaks down from there because as we look at exports out of Venezuela had been running even lighter production even lighter.

At this point a lot of people believe that you need.

You know sort of that -- back to be six and in terms of the oil industry it's unclear gonna get that would backed candidate what -- -- What does have that -- all of these things -- legitimate concerns -- Chavez.

Cut both the ideology and that -- he's not okay -- doesn't he doesn't have probably either one of those two.

The situation on that is not over that John is indicted estimates.

-- is nothing new lemon has beaten stabbed at more than they give it -- -- -- -- dragging us.

Impediments up.

Bob so what's gonna happen -- -- that most likely this -- -- would did give your -- they'd trust upset even as the allies in that it won't can be -- American oil production in the United States is bound to affect Venezuelan economy public cause that will be the all -- us or him to be displaced.

From.

-- lot of market in the United States so I mean the whole thing doesn't bode well for the success -- People who would job is especially in the guy doesn't have a cutting the -- But Chavis god in his -- -- -- in the near term do you figure the price of oil goes higher.

Yeah yes that and all -- I expected the wolf I have what other liaisons at either federally this occasion to minute but I don't wanna have -- avoid them it was put any.

Downward trend toward the -- a -- Yeah I we're looking at a chart today -- and the price -- crude futures are sinking right now by better than 1% a lot of that has to do with the fact.

That this event in particular.

-- it was expected yet been sick for a long time it was more than a two year battle.

But what it really means for the long term price of -- what a lot of people are looking at.

Because they are supposed to have either the biggest oil reserves of the second biggest oil reserves depending on -- report you believe.

But if they are unable to get organized to get that -- ground and allow outside investment in the long run it does hurt world the west right right.

For sure at that that have brought you my infrastructure -- even as well -- DT the only that -- -- beyond that Travis.

The -- that that -- -- involved in the oil industry.

They know something like -- vows on -- -- -- that -- jobless level of -- it.

Major strides in in the say that it negative all.

Use even as -- that trade do what -- -- what in the what I need them.

In the -- don't know what his site video footage that's that I under the minute lot of look at in these -- buckled.

Let's remember what the ability of a edible so they're -- was you you get the situation on an as well is in fact in major emotional crisis.

Michael economies thank you so much for coming on.

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