Kay Bailey Hutchison: “I wish to talk about what I see happening in Venezuela and what I think America should be doing to make sure we maintain…”

“I wish to talk about what I see happening in Venezuela and what I think America should be doing to make sure we maintain the capability to control our national security and our economic security. Today, President Hugo Chavez is completing his latest and most ominous scheme out of the Fidel Castro playbook. He is nationalizing multibillion-dollar, heavy oilfields in the Orinoco Belt. This energy-rich region southeast of Caracas has so much energy potential that some experts claim it could give the country more oil reserves than Saudi Arabia. By seizing the Orinoco Belt, President Chavez is consolidating his political power within Venezuela and increasing his ability to manipulate global oil markets. This nation now accounts for 14 percent of America's oil imports, and Mr. Chavez has promised to use his 'strong oil card' to, in his words, 'finish off the U.S. empire,' even if that means colluding with some of the most nefarious regimes on Earth.”