Venezuela

If you think you're paying a lot at the gas pump now, just wait until summer hits. Stronger demand could lead to record gas prices as an economic recovery takes hold and turmoil in the Middle East sends the price of oil upward. How high? $5 a gallon isn't out of the realm of the possible.

With U.S. gas prices near historic highs, Americans are anxious about the cost of filling up. But we still feel far less pain at the pump than drivers in many other developed nations. On the flip side, if you drive in the right world cities, you can still pay less than $1 a gallon.

As it continues to raise funds to deal with the fallout from the Gulf oil spill, oil giant BP (BP) is set to sell a total of $1.8 billion in assets in Venezuela and Vietnam to TNK-BP. TNK-BP, a joint venture between BP and a group of Russian billionaires, will make a $1 billion deposit by Oct. 29...

Venezuela's President Hugo Chavez signed a law Tuesday that bans private brokerages from trading the country's bolivar currency or public sector dollar-denominated debt. The bill, which had been approved by parliament and only required the president's signature, restricts brokerages to trading...

Chavez cut off diplomatic relations with Colombia last week over claims by outgoing President Alvaro Uribe that Venezuela harbors Colombian rebels. Chavez says the U.S. is behind the allegations.

A tweet can land you in jail in Venezuela. Two people were arrested Thursday for allegedly spreading false rumors on Twitter designed to destabilize Venezuela's banking system. It's against the law in that Latin American country to spread false rumors about the banking systems on any social...

Venezuela's Hugo Chavez, a master at dominating the news with his controversial views, is a new adopter to Twitter, but has caught on fast. He's bypassing the press to go directly to the people -- at least his 271,000 followers.

China will provide Venezuela with $20 billion in long-term financing, much of it to help the South American nation develop crude oil reserves. It's another example of how the People's Republic is soaking up energy supplies all around the globe.

The streets of Caracas are crammed with three times as many cars as they can handle. And why not? Gas is cheaper in Venezuela than anywhere else on Earth. The consequence, of course, is nasty traffic, made only worse by potholes, police checkpoints and other impediments to smooth vehicular...

In late August, Brazilian President Luiz Inácio Lula da Silva shocked foreign oil companies with a plan that would ensure a larger role for Brazil in exploring new oil reserves -- and a bigger share of the world's oil profits. Declaring this initiative as part of a move towards Brazilian...