A new US assessment of Venezuela's oil reserves could give the country double the supplies of Saudi Arabia.
Scientists working for the US Geological Survey say Venezuela's Orinoco belt region holds twice as much petroleum as previously thought.
The geologists estimate the area could yield more than 500bn barrels of crude oil.
Phi Beta Iota: This is consistent with both the Brazilian discoveries and the rare nature of the Amazon region. All signs point to a re-emergence of the United Nations of South America (UNASUR) as a major political, socio-eceonomic, ideo-cultural, and techno-demographic “bloc” in the next quarter century. If they create their own Multinational Engagement network for regional information-sharing and sense-making, with a model that can be ported to South Africa for extension into that continent, and to the Indonesia-Malaysia axis with Singapore as a central hub for Chinese diaspora influence, the balance of power in the world will change dramatically. The “closed model” of top down command and control has faded, the “open model” of networks is emergent. Latin American populism is a force that cannot be repressed, it can only be respected.