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Former U.S. Ambassador to Venezuela Otto Reich on the potential opportunities in Venezuela for U.S. companies.
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While Venezuela's one of those reluctant partners to the United States from which we received 13% of our imported oil.
Even as their late leader Hugo Chavez was insulting us and it's sorting whether terrorist enemies but now that -- is dead at.
Could there be opportunities from this former liability joining us now for Fox Business exclusive.
Otto -- is the former US ambassador to Venezuela has tied with the region's for a long time in -- you lived in Venezuela didn't you -- I did I -- the US ambassador to Venezuela from 1986 and 1989 aren't there are tremendous opportunities in Venezuela not just oil but of course.
Most people look at oil and say that in effect says big oil reserves there might be even greater than Saudi Arabia's.
It described -- opportunities if we managed to get a friendly regime out of the change they're going through right now.
Well -- well it is estimated.
The have the world's largest oil reserves greater than Saudi Arabia that of course includes the heavy -- Another very heavy oil in the or an article of belt would used to be called tar sands.
But however you measure it is just -- an extremely wealthy country not only doesn't have oil and gas as the largest gas reserves in the well the second largest perhaps after the United States we're discovering so many.
Reserves of gas now and -- shale.
But Venezuela it's extremely rich and and hydrocarbons.
Minerals.
Bauxite iron.
Even diamonds and -- it just an extremely wealthy country populated by very poor people.
Because unfortunately governments.
Particularly the Chavez government have squandered so much of -- well let's.
And that's the biggest lie about Hugo Chavez is being perpetrated even now by neighbor major news organizations that he was a friend of the war when in fact.
The -- doing back we'll get to that in a second but.
The opposition.
I know that they didn't they didn't come close to beating Chavez because he was a charismatic from figure.
But could they be in a better position now and opposition that is more friendly to the US to take over after the Chavez government goes down.
Well first -- just to finish what you're saying about the port city in the joke of Venezuela's Chavez -- -- -- so much.
That he created many more of them with as far as I.
As far as the the the opposition.
The the opposition -- well.
Lost the election the elections are not free and fair and Venezuela they've gone through a lot of trouble.
To convince a lot of people on the outside in the outside world into a lot of -- phones.
That.
A vote cast as a vote counted.
There -- the trickery lies -- long before Election Day.
And I think one day all of that will come out but the if the opposition comes out in very large numbers like 60%.
It will be very difficult if not impossible.
-- 60% of the of the total vote I should say.
Four for the -- -- to manipulate the election as they have in other.
Locations.
The -- that I mean what a difference excuse me out of that that difference now is that the economy's about the collapse they've been devaluing their currency.
They've got huge inflation course or unemployment numbers are are huge as well couldn't the big debt the bad economy reflect.
Very badly on the Chavez government and lead to the opposition taking over.
Absolutely.
-- what's incredible David is the amount of money.
That that government has taken in in the last fourteen years about a trillion dollars.
Which for a developing country any Third World country is just that astronomical.
It is equivalent.
To about the same amount of money that came -- minutes while on the first 180 years of independence moralists give or take a decade.
That money has not gone to the people effect right now -- well -- desperately seeking a twenty billion dollar loan.
It is reported.
From China.
China just about the only one of the very few places that will still lend to the -- -- -- -- Travis and now -- manure.
In China said they will lend the money to -- well if -- well -- deposit all of -- three gold reserves in Chinese banks so.
The Chinese don't trust the -- -- government years.
-- while it is now we get to the final why I interviewed Travis several times once a prison back in 92 in.
And -- -- he came here are he did in fact he gave me a little memento.
Of dedication of our constitutional little pocket constitution.
So I did I don't know whether Richard -- -- -- -- keep it for posterity sake.
But you know the guy was just typical -- DO which means a Latin American Victor strong man.
And yet look at these look at these -- -- -- expected from Oliver Stone Oliver Stone says.
I mourn a Greek hero but.
Even the British foreign secretary said I was saddened to learn of the death of of Hugo Chavez as president Venezuela he's left a lasting impression.
And the Colombian president.
-- -- -- -- -- -- I mean -- Chavez said that the Colombians were the enemy.
A great loss for Venezuela and the region for Colombia and meet personally what's going on -- all of these.
All these accolades.
Well unfortunately all some of it is just lack of information others just political posturing.
A lot of the cut mean that that the president Columbia's probably doing what he has to do to try to keep.
The Colombian military from again supporting actively the -- guerrillas inside Colombia which they were doing.
Until the Colombian government under of -- leave it.
Raided a camp in Ecuador and found all the evidence in the -- of the guerrilla leader that they killed.
That showed clearly that Chavis was so are mean and financing and harboring.
And assisting the -- so but the president of Colombia has to do what he has to do to keep the peace.
The other people it doesn't surprise me if you look at books than they appear -- period leading up to World War II.
You know the archbishop of Canterbury said that that Great Britain should ally itself with.
Mr.
Hitler because I was the kind of strongly that sort of thing as an alliance for years.
Yeah exactly I mean American liberals and European non liberals have always underestimated totalitarian -- Chavis wanted to establish a dictatorship and and Venezuela with -- with the instructions a daily instructions.
Coming from have an effect even today that Cubans are making all the important decisions.
Four -- well in the simply being implemented by the Venice while.
Away all the talk that he gave oil -- to -- countries he gave -- to Nicaragua for example Nicaragua turn that oil and gasoline and sells it.
To -- Nicaragua's for eight bucks a gallon -- told.
That Ortega the president Nicaragua's shared the proceeds of that would Travis off the books so.
There's a lot of stuff that's gonna come out about this guy that may dampen his image as a friend of the -- but Woolsey -- -- right.
Former US ambassador to Venice where a lot of great to see -- thank you very much.
Thank you David.
