Mira Mira on the Wall: Will Tanker Rates Rise or Fall?

While Venezuelans await Sunday’s referendum to see whether or not their president, Hugo Chavez, will continue his six-year term, the oil tanker industry and the broader economic community await the impact the vote will have on the oil market. Chavez, who was elected in 2000, is faced with losing the presidency after his political opponents obtained two million signatures to force a referendum vote. Among the accusations against Chavez are his left-leaning social policies, mismanaging the nation’s natural resources and contributing to a high unemployment rate. The opposition proposes to allow foreign investment into Venezuela to beef up its oil industry. Download here