Over the last decade, oil production has slipped in Venezuela, even as estimates of the country's petroleum reserves have grown. Venezuela's reserves are now thought to be the world's largest, giving the country an enormous revenue potential for decades to come. Whether or not President Hugo Chavez can help his country realize that potential is a matter of debate.
Venezuela nationalized its oil industry in the 1970s, but President Chavez rails against foreign oil interests as if it had happened yesterday. "Petro-colonialism was installed in Venezuela, and dominated our politics, our culture, and our economy," he said.
With the oil industry under state control, Mr. Chavez bears responsibility for how it is run. At a
