IN ONE respect, Venezuela does not stand alone in her current woes. The deepening political crisis forms part of a trend on a continent that is sinking into an economic mire, with varying degrees of severity.
Some countries, like Argentina, have all but collapsed. Others, like Brazil, are faring somewhat better, though even there the recent election of a left-wing president signalled a nation's fatigue with its direction. And in times of economic hardship, particularly in a continent with a wide gap between rich and poor, class tensions are likely to resurface.
So it goes for Venezuela. The conflict pits opponents of President Hugo Chavez against his working-class supporters who, while diminishing in number, still represent a large and determined share of the population. However, in one respect, Venezuela is exceptional: being a major oil exporter. Not surprisingly, oil has become a potent weapon in the battle, as the national oil company has closed the taps in a bid to oust Mr. Chavez.
The result is being felt on a global scale. With oil prices rising, the world economy's delicate recovery faces new risks. In few places are these felt more acutely than in Jamaica, since we depend on Venezuelan oil for so much of our energy needs.
It is difficult to foresee a quick and easy resolution to this showdown. Moreover, even should one come, it may be a while before Venezuelan oil production rebounds. The costs of
the region's economic crisis will thus be with us for some time
to come.
THE OPINIONS ON THIS PAGE, EXCEPT FOR THE ABOVE, DO NOT NECESSARILY REFLECT THE VIEWS OF THE GLEANER.
