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What’s Next After Chavez’s Death? Will Gas Get Cheaper? [VIDEO]
He was a radical anti-American who once called President Bush “the Devil.” Hugo Chavez has died of cancer at age 58, after leading Venezuela for 14 years.
FOX News Radio’s Eben Brown is in Miami with reaction and what’s next:
The South Florida suburb of Doral is host to a great many Venezuelans living in exile from Hugo Chavez.
(Doral Resident) “There’s a special place in Hell for men like Hugo Chavez.”
Even the mayor, Luigi Borioa, is Venezuelan-American.
(Borioa) “Everybody here is happy. Looks like democracy is coming back to Venezuela!”
…Though about half the population of the South American country is said to revere the Socialist leader and his anti-U.S. tirades. The country is observing a week of national mourning.
They’re expected to hold an election within 30 days to pick a new president.
In Miami, Eben Brown, FOX News Radio.
Venezuela has massive oil reserves – residents there pay just pennies per gallon for gasoline. What effect will Chavez’s death have on oil prices globally and gas prices here in the U.S.?
FOX Business Network’s Adam Shapiro says it won’t change much:
It’s not going to have a big impact, Hugo Chavez’s death, on stocks and even oil. Oil closed yesterday below $90 a barrel; in the aftermarket, it was trading down $.04.
Now, that could change today, but Venezuela’s oil output – important to China, but to us in the United States, it accounts for about 8% of our imports; that’s half of what it used to be 15 years ago – and they really need to get their oil infrastructure in place, so nobody’s really expecting a major impact to the United States to the price of gasoline or to oil imports.
WATCH more on Chavez’s death and oil prices: