Commodities: The map of Venezuela starts to change

A falling oil price is limiting Hugo Chávez’s economic and political options.

On Sunday, November 23, voters swarmed to the polling stations in Venezuela to cast their ballots in the mayoral elections. Even though president Hugo Chávez wasn’t on the ballot sheet, the results say a lot about the president and his future. The success of his candidates reflects not only his popularity but also considerations of the continuation of his high-spending, socialist political agenda.

Ever since last December, when the president’s referendum that would have allowed for continuous re-election was defeated, Chávez has wanted to prove that his people still support him.

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